The 4th Acquisition of BookMyShow:
The very popular entertainment ticketing company, BookMyShow is presently based in over 650 towns and cities across India.
The company started in Mumbai in 1999. With its launch in 2007, it ranked $80 Mn from US-based stripe group, in one of the largest fundraises of 2016.
The company finally announced on August 1st, their acquisition of Sharjah-based nFusion for an undisclosed amount.
Other Acquisitions of the year:
2017 has been a year of acquisitions for BookMyShow.
nFusion is the company’s fourth acquisition this year, as it acquired earlier :
- Hyderabad based online movie ticket booking platform MastiTickets
- Pune based DIT platform Townscript
- Mumbai based local food and restaurant recommendation engine Burrp.
Jukebox and nFusion:
Shoaib GM Khan, Sivagurunathan S and Prabhakar Teddy founded nFusion in 2009 as a high-definition video-on-demand platform.
Shoaib seems like to join BookMyShow and head nFusion while Sivagurunathan will be leading architecture and development operation teams of the firm.
In addition Jukebox offers over 1.5 million songs to choose from and has therefore witnessed a monthly growth of 300% since its launch in early June.
Through Jukebox, BookMyShow aims to cover all facets of entertainment. Furthermore it is also looking at content creation, around the vertical in the long run.
“We have already established our video content vertical. We are excited now to foray into audio entertainment through our offering Jukebox”, said Parikshit Dar, director of BookMyShow.
“The nFusion team has consequently brought with them immense experience, innovation, capability.
It has brought in addition experience in building and managing scalable solutions”, he said.
“With them and our music label partners we look forward to offering the widest variety and possibly the best audio content to our users”.
Aggressive Strategies of BookMyShow:
With its fourth acquisition, BookMyShow is heading towards an extremely aggressive strategy.
Furthermore it has removed the company far from its core basics of just booking tickets for movies.
As per industry estimates, BookMyShow is now looking to tap into the online music streaming space with this acquisition, which has been firmly captured by these players.
In addition the music streaming space will cost $9.7 bn by 2022 globally.