BigTree Entertainment, the Network18 subsidiary which owns the movie ticketing site Bookmyshow.com, reported revenues of Rs 29.47 crore for the year ended 31st March 2012 (FY12), up 83% from Rs 16.09 crore in FY11. Alongwith the growth in revenues, the company has reported a profit: compared with the Rs 41.31 lakh loss in FY11, the company reported a profit of Rs 1.45 crore for FY12. Network18, for the last few quarters, has been talking about ‘strong revenue growth’ for the company, and had said that the company was profitable.
NW18’s stake; Investment made in FY12: Network18 invested Rs 4.98 crore for acquiring 2581 shares in BigTree, in the financial year ended 31st March 2012. The company holds 11,129 equity shares of the company and holds a 60% stake in Big Tree – 13.92% of the shareholding directly and 46.08% of the shareholding through E-18 Limited, Cyprus.
Network18 had acquired a 60% post issue equity share capital in Bigtree in 2007, by subscribing to 8,548 partly paid up equity shares issued by Bigtree, and by the purchase of 2,581 fully paid up equity shares from the promoters for Rs 14.5 crore. The agreement also provides for a further consideration of Rs. 50 million (USD 1.11 million) to be paid to Big Tree for the partly paid up shares if Bigtree’s current account bank balance falls below Rs. 10 million (USD 0.22 million). Of this Rs. 36.5 million (USD 0.81 million) has been paid until 31 March, 2011.
Last week, BigTree raised $18 million or Rs 100 crore from Accel Partners, which acquiring a minority stake in the company, following the funding.
User Metrics & Transactions
According to Network18, as of December 31st, 2011, bookmyshow.com had approximately 2.7 million registered users. The site recorded an average of 2 million unique visitors per month in the year ended December 31st, 2011, according to Google Analytics. In December 2011, bookmyshow.com recorded approximately 5.5 million total visits, which represents growth of 58% from approximately 3.5 million visits in December 2010, according to Comscore.
BookMyShow sold an average of over 1,000,000 tickets per month in the nine months ended December 31, 2011. BookMyShow is also the authorized distributor for ticket management software developed by Vista Entertainment, a New Zealand based company.