Entertainment at your finger tip today. Movies, Concerts, Shows all at one place! The long queue, struggle to reach the counter to book the tickets is no more a headache. Sounds interesting right?
This hassle free ticketing facility came to us with the innovation of three bright minds. Today not only we enjoy seeing movies but we can book tickets for shows, sports and much more! Thanks to BookMyshow
Let’s know more about Ashish, Parikshit and Rajesh and the story of “BOOKMYSHOW” whose operating revenue has surged threefold to Rs.976 crore from Rs.277 Crore in FY22.
BookMyshow is the genie today to make a boring day interesting. The idea of this amazing app came into reality when three friends; Ashish Hemrajani, Parikshit Dar and Rajesh Balpande dreamt towards building an easy way for the movie lovers.
Today BookMyshow is India’s largest entertainment ticketing platform. The founder named the service after the parent company, Bigtree Entertainment Pvt. Ltd. Bookmyshow has now expanded his branches in foreign countries as well!
The three Musketeers
1. Ashish Hemrajani
Ashish Hemrajani whose net worth at Rs.3,000 Crore, is the co-founder of Bookmyshow. After completing his graduation from Mithibai College, Mumbai, he pursued his MBA in Marketing from Sydenham College of Commerce and Economics.
“I never let emotions override my intellect. The intent is important, not the action. And it is the intent that drives me.”
You can know more Ashish, here his podcast to learn about his journey, from founding Bigtree Entertainment in 1999 to the hurdles they overcame.
2. Parikshit Dar:
Parikshit is the Director of Bigtree Entertainment and the one of the co-founders of Bookmyshow. Ashish and Parikshit came together to pursue their MBA in Marketing in Sydenham College ,completed in 2017.
Dar holds his expertise in technical segment. From developing, building and supporting the back-end technology of the website, Dar is the man who should be given the credit.
3. Rajesh Balpande
Before joining his friend in this venture, Rajesh worked as an investment banker with the Chatterjee group. His clear knowledge about the financial aspects contributed in understanding the market and its demand. Today Rajesh is still known as the co-founder of BookMyshow.
Is sky the limit?
BookMyshow holds its ground over five countries with a reach of 30 million+.
A dream that started 24 years before with 25,000 capital investment has a thrilling story to share. The journey from Rs.25000 to Rs.391 Crore revenue is incredible. today it is spread across 5000+ screens and over 650+ towns and cities. BookMyshow signed a contract with PVR of Rs.1000Crore in 2017 to sell the unsold tickets online which attracted a lot of popularity and profit.
According to the RedSeer report 50% of the revenue is generated through movies followed by events as major contributor.
How it began?
Very few take the leap of faith to build their dreams. Ashish Hemrajani is hands-on one of them. Ashish was 24,while he was working with J.W. Thompson. He decided to take the most challenging and crucial step in his life, breaking the conventional path!
He called his boss, proposed of quitting his job and contribute all his efforts towards developing the idea and the seed was thus planted. Moving back to India and convincing his parents was tougher than he thought.
After convincing them, he started converting his bedroom to the new Headquarter of Bookmyshow. The three Musketeers came together to build the parent company Bigtree Entertainment Pvt.Ltd with a vision of making a shift in the ticketing industry.
Bookmyshow Business Model In The Competitive Market
The stiff competition had been a challenge. Paytm offered huge discounts and cashbacks for booking tickets. Despite the huge competition, BookMyshow held a market share of 78% in movie ticketing sector. The most commonly heard and preferred site for providing trustworthy, hassle free services to its customers! Easy booking, cancellation, refund are the key to customer satisfaction and loyalty.
As Ashish Hemrajani stated out market share in movieticketing has not changed, it has actually gone up. We oscillate between 70% to 75%.
Business expansion targets of Bookmyshow
The company has decided to enter into the merchandising segment where fans can purchase tees, hoodies and other apparels. Fans can easily get their favourite dialogues selected from their favourite movies and create their fashion trends.
They have announced their latest brand campaign – “Entertainment Ki Nayi Bhasha”. This campaign heads towards introducing the audience to all the categories and their role in the entire consumer experience.
Investors of BookMyShow
1.TPG GROWTH: Middle market and growth equity investment segment of the TPG group. It targets at investing in broad range of industries and geographies.
2. STRIPES GROUP: Growth equity firm. Specifically invests in software, internet, digital media, internet and branded consumer products.
3.NETWORK18: MEDIA GROUP with interests in television, films, mobile contents and internet.
4. ACCEL: Leading capital venture capital firm. Invests in people and their companies through all phases.
5.SAIFPARTNERS ( Now Elevation Capital): Asia focused capital investment company. Invested over 50 companies in India
Mission Statement Of Bookmyshow
Boomyshow is a community based platform. The main focus is on entertainment enthusiasts, where they can watch, share movies, TV shows, music, events etc.
“Delivering the very best movie experience to our dedicated customers.”
Founders words
“It’s is all about going out and trying. But don’t follow the herd. You have got to be very clear why your idea or you as a person will succeed in this environment. How disruptive your technology is”.
~Ashish Hemrajani
Russell Barret, The COO and manging partner BBH India(Bartle Bodle Hegarty, advertising agency) said, “Bookmyshow is an brand that has been at the canter of the world of entertainment for years now. It’s a brand that’s brought some of the most interesting acts and some of the most inspiring entertainment properties to Indian audiences.”
Summary
When in confusion, Ask Let Bookmyshow help you plan! So book your tickets today to dive into the world of entertainment. Let Bookmyshow be your genie!! I hope this article helped you know more about the existing and upcoming updates about your favourite website!!!!
Q1: Which Year Bookmyshow was Founded?
Ans: BookMyShow was founded in the year 1999. It started as a ticketing platform for movies and eventually expanded its services to include events, sports, and various live entertainment experiences.
Q4: Who are the Founders of BookMyShow?
Ans: Ashish Hemrajani, Parikshit Dar and Rajesh Balpande.
Q5: What is the Business Model of BookMyShow?
Ans: It promotes the show or movie through its banner in the form of advertisements. Also, it earns great revenue from the paid promotion.
