Will Zomato kill BookMyShow’s monopoly? 🤔
25 years old BookMyShow is an undisputed leader of India’s entertainment ticketing business 🔥
The company is profitable and posted a revenue of nearly 1000 crores in FY23 (Vs. 277cr in FY22), overcoming the challenges of pandemic induced lockdowns in the preceding years.
With 75% market share in the movies ticketing space, the brand virtually is the go to app for most movie goers in the country. I am a BookMyShow loyalist by the way ❤️
While Paytm’s insider did a decent job in the events space (revenue of 192cr in FY23), with core business of Paytm struggling with regulatory issues, it’s obvious that non-core businesses will not get the desired focus and commitment.
In such a scenario, Zomato acquiring Paytm’s ticketing business can pose a serious challenge to BMS’ dominance. There are strong reasons for that :
Zomato is betting big on “going out” segment. The brand recently announced their going-out app, District.
The “going out” business sits at the adjacency of food ordering / dining out space and offers Zomato clear synergies- It has the opportunity to tap its existing user base to capture the share of “going out” occasions
The brand aces in its marketing game and looks well poised to build a category like “going out” with clear lifestyle cues.
Plus, the recently listed brand is already sitting on a pile of cash (over 12000cr).
Combine all this with the confidence of a founder who’s turned his business profitable and it’s a potent mix 😎
So net net, BookMyShow is facing a credible challeneger this time around.
How do you think this will pan out 😀
Data Source: ET
