Introduction
BookMyShow is Mumbai based company that is India’s largest online platform which allows users to book tickets for movies and various events such as sports. During its inception, the company was known by the name of its parent company Bigtree Entertainment Pvt. Ltd. The Business model of Bookmyshow involves its business plan, revenue model, its competitors, SWOT Analysis and many more.
The proposition of selling entertainment tickets online was initially conceptualized by Ashish Hemrajani who started a small venture in his bedroom at the age of 24. Since its establishment, BookmyShow has been on a roller-coaster ride. The company has seen it all; it survived the Dot Com crash in 2007 and sailed through the global financial crisis of 2008.
Business Plan
The B2B SaaS platform incorporated under BigTicks in Singapore will soon be rolled out in Dubai. BookMyShow Business Model is one of those rare business model examples based on the internet that actually make money as internet handling fees/convenience fees on consumer services.
As we know BookMyShow does not charge any extra money on the hall services. BookMyShow often earns through the banner advertising of the upcoming or the latest movie or event. It promotes the show or movie through its banner in the form of advertisements.
Revenue Model
Book My Show has been able to earn revenue by offering these services to their customers at a low cost. The company has also been successful in providing discounts and cashbacks to users who book tickets on the website or app. It gets a commission on every movie ticket booked through its platform. This commission is generated from the number of tickets sold, which means it is paid even if a person doesn’t actually buy a ticket. BookMyShow can take advantage of their huge page views to promote these new artists and their offerings.
BookMyShow Is not as straightforward as charging a flat 15 Rs per ticket.
For example they charge 0.0 Rs. extra for PVR and Inbox tickets, while they charge some internet handling charge for ordinary Cinemas. As the user base keeps on growing and becoming more loyal to BookMyShow i.e. BookMyShow becomes the go-to service for ticket booking they may start collecting a service fee from these multiplexes for each transaction.
Book My Show gets a commission on every movie ticket booked through its platform. This commission is generated from the number of tickets sold, which means it is paid even if a person doesn’t actually buy a ticket. It has been able to earn revenue by offering these services to their customers at a low cost. The company has also been successful in providing discounts and cashback to users who book tickets on the website or app.
Competitors
There are several brands in the market which are competing for the same set of customers. Here is the list of Some of the Competitors of Bookmyshow:
- Kyazoonga.com
- Ticketnew
- Ticketplease
- Insider
- Eventjini
- Hungama
- Paytm
SWOT Analysis
Strengths
- Vast supplier network: single screens, multiplexes, theaters, live events, sport.
- Deep Market Penetration: 350+ cities and 3500+screens.
- Large User Base: More than 16 million users engaged in buying tickets, ratings movies and reading related content.
- Innovative Approach: BMS always tries to enhance customer experience by bringing technical/operational innovations.
- Great technology platforms: Both Web and Mobile have great UI &UX. Its easy to use, has relevant information and quite engaging.
- Partnerships with Banks and Telco: Wide ranges of Promotional offers always run due to multiple tie ups with Banks and Telco.
Weaknesses
- High Convenience Fee Charged: 25 Rs + taxes for each ticket booked.
- Under-Developed User Rating and Reviews : What could have been a benchmark is still an underdeveloped idea, reviews from users registered and who bought confirmed tickets should be displayed in intelligent manner. It could have been Indian rotten tomato or IMDB.
Opportunities
- Online Entertainment Content Platform: More like an Online Magazine bringing out movie news, trailers, info and monetizing via advertisements.
- Tie-up with Businesses to form a complete outing experience: Tie up with taxi sharing apps to provide rides to cinemas, tie up with restaurants on the way or near theatre to have before or after movie meals. Expand capabilities to cover more events and movies across various cities
- Co-organizing events with various event organizers to increase physical brand presence.
Threats
- Network effects: The wider reach of network and size of the service providers side of
incumbent players’ network form a barrier to entry. - Access to distribution channels: New entrants might have to onboard different suppliers for the services on to their platform which is a cumbersome task.
- Access to latest technology: Updating the platform for better user experience, user
interface, ease of usage is key to sustain users from switching to other competitors. - Government policies: New government policies are trying to ban the ticketing platforms as government itself is coming up with online ticketing platform in some states like Telangana.
- Price sensitivity: Consumers perception varies as the product is an experience some might feel as to experience it live but some might take the comfort of home viewing.
- Switching costs: Low as people can easily shift to online streaming services which charges nominal fee when compared, people buying tickets as the venue or different counters is free of extra cost.
- Informational complexity: Tech-savvy people will find the platform ease to use.
Conclusion
BookMyShow has become a platform offering a plethora of choices for its customers. Customers can now book tickets and surf trailers anytime from anywhere. BookMyShow is an online ticketing platform where you can book tickets to movies, events including sporting events like the IPL, plays/concerts, drama/theatres and a lot more – from the comfort of your home.
