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Everyone loves a good movie; whether it's a charming rom-com, or a bone-chilling horror movie, movies help us unwind and journey into the realm of fiction and drama for a few hours. A similar escapade was experienced by Ashish Hemrajani, but his was a trip to South Africa; a trip that forever changed his life. He was selling rugby tickets under a tree when he had his eureka moment. As soon as he returned to India, he quit his job and at the tender age of 24, with his head office in his bedroom, embarked on his first internet venture, Bigtree Entertainment Pvt. Ltd. in 1999. After persuading his friends, Parikshit Dar assumed the helm of the technology department and Rajesh Balpande managed the finances. The BookMyShow Business Model had its humble beginning under the name Go for Ticketing, which later transitioned to India Ticketing before finally in 2002, adopting the now-familiar moniker, BookMyShow, also known as BMS.
They faced their fair share of obstacles initially, grappling with unstable internet connections and a lack of facilities for internet banking. However, the demise of the dot com system paved the way for improved internet facilities, net banking, and more. This period also witnessed a surge in the number of movie theaters in India. Armed with these advancements and the BookMyShow business strategy, it was time for them to make a resounding comeback, learning from their past mistakes, courting new investors, and devising even more robust marketing strategies.
Breaking the queue
Addressing a significant pain point in the market, BookMyShow eliminated the need for standing in long queues for movie tickets. The cinema theater ecosystem, in addition to their target audience, profited immensely from this. The consumer experience became more streamlined than ever, a milestone in the BookMyShow Success Story.
Elevating market reach
The spotlight of BookMyShow's business strategy was to maximize its reach amongst its target audience. While level-I urban communities were readily accessible, the challenge lay in rapidly integrating disconnected clients belonging to level-2 and 3 urban areas who do not actively use smartphones. This was ingeniously addressed by curating SMS-based interactions for them.
Concentrating on events
Retaining movie tickets as the core of their business, BookMyShow also forged connections with events like sports, plays, exclusive tours, stand-up comedies, and citywide dramas & activities. This diversification contributed to a healthy balance of revenue streams, a notable aspect of the BookMyShow Business Model.
Adapting to the change
The pandemic could have brought this business to a standstill. However, the resilience and adaptability embodied in the BookMyShow success story saw the company transition into an OTT platform with more than 600 curated movies, thereby circumventing a complete downfall.
Multi-channel marketing
A core component of the BookMyShow business strategy is its diverse marketing approach, including print or television ads, campaigns, and a robust social media presence. They keep abreast of new trends to stay relevant to their target audience.
Today, BookMyShow stands as the most significant platform in India for booking shows, a testament to the triumph encapsulated in the BookMyShow success story. They also spearhead a charity initiative called BookASmile, which provides entertainment for the less fortunate through donations, charity campaigns, and a part of their revenue.
The history of BookMyShow demonstrates how a small startup can sustain with just a few ideas, dedication, and learning from the past while constantly innovating, to reach the heights of success that most can only dream of.
To dive deeper into the BookMyShow success story, read more here:
https://www.marketingmind.in/success-story-of-bookmyshow-a-journey-full-of-ups-downs/ - BookMyShow history and its journey.
https://startuptalky.com/startup-storybookmyshow/#book_my_show_business_model_revenue_model - Details of the BookMyShow Business Model and revenue models used by BookMyShow.
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