SoftBank-backed Paytm will invest rupees 300 crore in movie ticketing business to compete with existing player in the segment, BookMyShow. The decision came after Paytm generated rupees 1600 crore business within two years in movie ticketing business.
“We will continue to invest in this business as we have aggressive targets for this year and expand our movie ticketing vertical but a significant focus will be to scale up events after we invested in Insider.in,” said Madhur Deora, Paytm CFO.
BookMyShow is presently the leading player in this highly competitive segment. They also provide tickets for various events like stage shows, music concerts, plays etc. However, Paytm will be devising new strategies to outperform BookMyShow this year.
Paytm has nearly 4,000 screens across India on its platform. Majority of Paytm’s business comes from movie ticketing. Paytm plans to expand the number of screens on its platfrom this year. The key target of the Vijay Sharma-led company will be to attract customers and sell more tickets.
“We clocked about 52 million tickets last year and are hoping to cross 100 million this year with an aim to emerge as market leader,” said Deora.