BookMyShow rakes in Rs 85 cr in profits in FY23

BookMyShow has struck gold at the box office, reporting a blockbuster year in FY23 with a whopping Rs 85 crore in profits, a remarkable turnaround from the Rs 92 crore loss in FY22. The online ticketing and entertainment platform experienced a lackluster performance in FY22, marked by layoffs and challenges in live events and movie ticket sales due to the COVID pandemic.

However, FY23 showcased a dramatic improvement, driven by the resurgence of people returning to theaters and a high demand for on-ground events. The company's profits surged, with a substantial 2.85x increase in ticket sales, reaching Rs 648 crore—66 percent of the total operating revenue, compared to Rs 227 crore in FY22. The overall revenue from operations soared to Rs 976 crore, marking a significant 3.5 times increase from Rs 277 crore in FY22.

Live events also experienced remarkable growth, contributing Rs 237 crore to the company's income in FY23, a substantial 9.5 times increase. The total revenue for the financial year reached Rs 1026 crore, encompassing income from advertising, marketing, streaming, and the sale of food and beverages.

On the expense side, the major cost for BookMyShow was the commission paid to theatre owners, constituting 31.3 percent of the total expenditure. The company's costs increased 2.4 times to Rs 295 crore from Rs 120 crore in FY22, with the total expenditure in FY23 standing at Rs 941 crore—an increase of 2.38 times from Rs 395 crore in FY22.

The stellar financial performance positions BookMyShow as a major player in the entertainment and ticketing industry, capitalizing on the rebound of the entertainment sector post-pandemic. The future looks promising as India's box office revenue is expected to reach new heights, with estimated revenues touching Rs 12,000 crore in 2023.