Ticketing portal Bookmyshow.com has acquired a Chennai-based Ticketgreen.com for an undisclosed amount. Ticketgreen catered to the entire South Indian market.
Bookmyshow is owned by Bigtree Entertainment, which has investments by private equity player Accel Partners and media firm Network 18.
The acquisition of Ticketgreen comes seven months after Accel Partners infused Rs 100 crore in the movie ticketing firm. With this deal, all key assets of Ticketgreen will be transferred to Bookmyshow.com along with all existing cinema partnerships under the Ticketgreen brand, said Ashish Hemrajani, founder, Bookmyshow.com.
The acquisition strengthens Bookmyshow’s presence in not only in the big cities but also smaller cities in the South. While, it has about 350-odd cinemas on its platform, Ticketgreen will help add another 120 single screens into its portfolio.
Hemrajani said the media and entertainment industry was growing at a faster pace even as the movie content has grown up and more multiplexes coming up even in smaller towns. This, he said, is giving a major boost to the ticketing platforms as the Internet and mobile penetration is increasing.
The domestic media and entertainment industry grew from Rs 72,800 crore in 2011 to Rs 82,000 crore in 2012, according to a KPMG report.
Bookmyshow has been growing at an annual rate of 45 per cent. However, last year, it grew by 100 per cent. The portal does about Rs 700 crore transactions annually in movie ticketing, besides sports, concerts and live events.