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BookMyShow, a major player in online ticket bookings, has experienced a significant surge in its revenue. In the financial year 2023 (FY23), the company's operating revenue skyrocketed to Rs 976 crore, marking a substantial increase from Rs 277 crore in the previous fiscal.
The growth can be attributed to the end of COVID-19 lockdowns and a resurgence in outdoor activities like movie-going and events. Online ticket bookings also played a crucial role, constituting 63% of the total operating revenue.
What drove revenue growth?
The company's diverse revenue streams, including advertising, streaming, food and beverage sales, and other non-operating income, contributed significantly to this increase. In FY23, the total revenue soared to Rs 1,026 crore from Rs 302 crore in FY22.
A key highlight of this growth is the expansion of BookMyShow's live events business, which saw a 9.5-fold increase in income, reaching Rs 237 crore in FY23 from just Rs 25 crore in FY22.
What led to the increase in expenditure?
Despite the rise in revenue, BookMyShow also witnessed a notable increase in its total expenditure, which reached Rs 945 crore in FY23 compared to Rs 395 crore in FY22. Major expenses included revenue sharing with cinema owners and artist fees for live events.
However, the company's effective cost management strategies enabled it to post its first-ever profit of Rs 85 crore in FY23, a significant turnaround from a loss of Rs 92 crore in the previous year.
The pandemic and recovery
The company's journey through and post-pandemic is notable. During FY21, when the pandemic severely impacted the entertainment industry, BookMyShow's revenue plummeted to Rs 74 crore.
However, it made a remarkable recovery with a 13-fold growth over the last two fiscal years (FY22 & FY23), setting a standout example among late-stage firms in overcoming pandemic-related challenges.
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