Shows, plays & sports spur online ticketing boom
Travel proved itself to be one of the biggest success segments in online business, with air and rail tickets taking the cake. Saurabh Turakhia reports.india Updated: Jun 21, 2009 21:02 IST
Travel proved itself to be one of the biggest success segments in online business, with air and rail tickets taking the cake. Now it turns out that ticketing, in a broader sense, works great on the Internet, with profits buzzing early for those who jumped into this.
Movies, plays, music concerts and sporting events are right up the street for startups like Bookmyshow.com, funded by media conglomeration Network 18, and Kyazoonga, backed by a US-based hedge fund. Both are just two years old but claim to have broken even already—a rarity in online business.
Neetu Bhatia, co-founder, chairman and CEO of Kyazoonga, found the opportunity lucrative enough to quit a 12-year-old investment banking career.
“The movie ticketing business alone has a potential of one billion dollars in India”, Bhatia said quoting findings of research done in 2005. “Cricket, sports and live events put together present potential business size of another $500
million to $1 billion”, she added.
Kyazoonga’s Bhatia claims that the turnover of the company – reportedly in ‘tens of crores’ multiplied 20 times between 2007-08 and 2008-09.
Roopesh Shah, head-marketing, Bookmyshow.com said, “In 2008, we sold 20,000 tickets of plays. In 2009, we have sold double of that in less than six months.”
These new-age ticket aggregators charge a premium of about Rs 10 to Rs 15 over a normal ticket price, which customers happily pay to avoid disappointments and find their right seats.
Moreover, a commuting trip to advance booking is saved, and going to catch an event on a quick impulse is more possible than ever.
These ventures have struck alliances with multiplex firms such as Inox, Cinemax and PVR.