BookMyShow has acquired Nfusion for an undisclosed amount in an all cash deal to boost its audio entertainment vertical. This comes shortly after the online ticketing company started a music service called Jukebox. When a user books a movie, they will be given music credits in their account where they can redeem points and download songs from Jukebox. Currently, the service offers over 1.5 million songs to choose from.
In June, Jukebox saw over 80,000 song downloads and the company claims that it is witnessing 300% month-on-month growth in the number of downloads.
Nfusion was operating as a video-on-demand platform in the Middle East since 2009 where users could stream videos online. BookMyShow mentions that the acquisition provides access to Nfusion’s tech platform and founders Shoaib G.M. Khan, Sivagurunathan S and Prabhakar Reddy will be joining the company. The company mentions that Nfusion’s content management will be key for their foray into audio entertainment. Meanwhile, the Nfusion team will be headed by Shoaib, Sivagurunathan will lead the architecture and devops teams at BookMyShow.
The company also appointed Aditya Kuber as associate vice president for the audio entertainment vertical. He will report to CEO Ashish Hemrajani. Kuber’s role will be instrumental in driving partnerships with music labels and distributors, creating exclusive audio content for BookMyShow users, and product marketing.
BookMyShow, last year, raised Rs 550 crore from US-based private equity firm Stripes Group. More on that here.
– Revenues of Rs 78 crore for the quarter ended June 30 (Q1 FY17), selling 30 million tickets in the quarter.
– Revenues of Rs 235.94 crores in FY16, with a profit of Rs 3.17 crore. Network18, at the end of the last financial year, owned 39.35% of BookMyShow (source, Network18 Annual report, page 183). An average of 7.8 million tickets was sold per month last year.