BookMyShow acquires DIY ticketer Townscript
India’s largest ticketing platform, BookMyShow, has acquired a majority stake in Townscript, marking its first foray into Eventbrite-style DIY ticketing.
In a statement, BookMyShow (BMS) CEO and co-founder Ashish Hemrajani says his company was already considering the introduction of similar capabilities to Townscript, founded in Pune (Poona) in 2014, and discovered the two brands had a “perfect synergy match”.
“We definitely expect to see more traction in the space of do-it-yourself ticketing events,” he comments. “It’s unique and addresses a different set of users who want to set up their own events. [Townscript] will operate as an independent entity but will be accessible through the BMS site and gain access to our existing user base.”
“We definitely expect to see more traction in the space of do-it-yourself ticketing events”
The acquisition was an all-cash deal for an undisclosed sum, and gives BMS a 75% share of Townscript.
BookMyShow, owned by BigTree Entertainment, posted 85% revenue growth in 2015–2016, to ₹2.36 billion (US$35.24 million). According to the International Ticketing Yearbook 2016, its share of the Indian live entertainment market stands at 85–90%, although it leans towards film ticketing, which comprises around half of its business, with live events and sports contributing 35% and advertising the remainder.
Although BMS currently has the Indian market sewn up, it may soon face stiff competition from Alibaba Pictures – a division of the world’s largest e-commerce firm, China’s Alibaba Group – which is reportedly in talks to enter India with the acquisition of rival operation TicketNew.