BookMyShow is an outlier and its comeback after the pandemic sets the company apart from other late-stage firms. During the pandemic (FY21), the firm’s revenue nose-dived to Rs 74 crore as multiplexes and other offline entertainment shows were restricted but it bounced back with a staggering 13X growth in the last two fiscal years (FY22 & FY23) and also posted a hefty profit in the fiscal year ending March 2023.
BookMyShow’s revenue from operations surged 3.5X to Rs 976 crore in FY23 from Rs 277 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show.
Income from ticket booking formed 66% of the total operating revenue which surged 2.85X to Rs 648 crore in FY23 from Rs 227 crore in FY22. During FY23, BookMyShow was a partner for a majority of the live events or concerts and income from this segment spiked 9.5X to Rs 237 crore.
Advertising, marketing, streaming, sale of food and beverages, and non-operating income took its total revenue to Rs 1,026 crore in FY23.
Visit TheKredible for the detailed revenue breakup.
Revenue share—the commissions paid to cinema owners—was the largest cost center for BookMyShow, accounting for 31.3% of the total expenditure. In line with scale, this cost grew 2.5X to Rs 295 crore in FY23 from Rs 120 crore in FY22. As live events expanded, the cost of artist fees blew up tenfold to Rs 104 crore in FY23.
Its employee benefit cost, production cost, payment gateway charges, legal fees, information technology cost, and other overheads catalyze the total expenditure by 2.38X to Rs 941 crore in FY23 from Rs 395 crore in FY22.
Check TheKredible for the complete breakdown of expenses.
- Employee benefit expense
- Payment gateway charges
- Revenue share
- Artist fees
- Production expenses
The three-fold scale and effective cost management helped BookMyShow register its first-ever profit during FY23. The company posted Rs 85 crore of profit during the previous fiscal year as compared to a loss of Rs 92 crore in FY22. Its ROCE and EBITDA stood at Rs 12% and 13% respectively. On a unit level, it spent Rs 0.96 to earn a rupee in FY23.
|Expense/₹ of Op Revenue
It would be stating the obvious to say that BookMyShow has shown how to be adaptable during unforeseen circumstances and change gears to keep the company going. But what is truly commendable is the role it has played in the nurturing of the live events ecosystem in the country for instance, by taking care of a key aspect of these-audience generation. So much so that the app is a destination for many when seeking out options, instead of being the place to go to for bookings after making up their minds. In that small transition lies its greatest value and strength today.
The years of effort and iterations of its model are beginning to pay off today, and despite all the competition that has come up post-pandemic, BookMyShow remains in a class of its own. In a growing consumption-led economy around services, the firm remains best placed to deliver stellar returns to all stakeholders, including customers, as it is fast reaching a stage where organizers to venues might have to listen carefully to feedback coming from BMS about their service feedback.