In 2015-16, the online tickets industry in India was estimated at approximately 500 million tickets per year; which can be assumed to have grown to almost 600 million at the end of 2017.
At that time, BookMyShow had expressed their desire to cross 100 million ticket sales, but the market dynamics changed swiftly.
BookMyShow, the 10-year+ veteran in this space had been the dominant player till 2016 when Paytm entered the niche and created quite a few ripples.
Now, at the very start of 2018, Paytm has shared some interesting numbers related to their own market share and their presence in the online ticketing niche, and the data clearly reflects that Paytm is here to stay.
And disrupt BookMyShow’s dominance in a massive way.
Paytm: We Sold 52 Million Online Tickets in 2017!
As per Paytm’s press release which was shared with us, they were able to sell massive 52 million tickets in 2017, which is 5X growth compared to 2016, when they had launched their ticketing services.
Paytm is very clear in their growth outlook: 100 million ticket sales is their aim for 2018.
This way Paytm has declared themselves as the fastest growing entertainment ticketing platform.
Madhur Deora, Chief Financial Officer and SVP, Paytm said,
“After an exceptional 2017, we have had a great start in 2018. Our aim this year is to become the market leader in entertainment ticketing category and sell over 100 million tickets across India. We will continue growing the overall ecosystem by adding single-screen cinemas and expanding into smaller cities and towns.”
As per Deora, Paytm’s own inbuilt, comprehensive ecosystem is enabling more users to satisfy as their purchases, at one single location. For instance, Deora said, “Already, 50% of our moviegoers also use Paytm to pay at the cinema, nearby food outlets, parking at the mall or taxi rides.”
Paytm’s Aggressive Move: 100 Million Tickets/Year!
Paytm has shared their interesting strategy, which will enable them to cross 100 million tickets per year benchmark.
Right now, Paytm claims to capture 25-30% of the opening weekend box office collection, and with strategic partnerships with production houses and cinema banners, they want to make more inroads.
Besides, they have partnered with leading regional multiplex chains in South India, like regional multiplex chains like SPI Cinemas, Suresh Productions, V Celluloid, SVC and Anusri Cinemas and have grabbed 30% market share in those markets.
Paytm has already launched industry’s first cancellation policy with 100% money back; and jumped into Live Entertainment tickets as well, as they successfully sold tickets of 8000 events last year, and acquired Insider.in to further snatch away market share from BookMyShow.
The vibes are shared by leading industry bodies as well, as Rudrarup Dutta, SVP and Head of Marketing, Viacom 18 Motion Pictures said,
“As more and more audiences move online to book their movie tickets, Paytm has become one of our most important partners not only for bookings but also for communicating and engaging with consumers.”
Paytm, which has become a $10 billion startup, is actually making a massive dent in the online ticketing space; and there are more than one reasons for BookMyShow to get worried here.
Which is your preference while booking online tickets: BookMyShow or Paytm?
Do let us know your choice, by commenting right here!