Indian company Bigtree Entertainment, which owns popular movie-ticketing platform BookMyShow, has raised a $100m funding round led by TPG Growth.
That would be the same TPG Growth that recently led a $60m funding round in Chinese ticketing firm Moretickets, which we reported on earlier this month. According to The Economic Times, the round values BookMyShow at around $750m.
The site sells 12m-15m movie tickets a month to its 30m active customers. Why is a cinema-tickets platform relevant to the music industry though? BookMyShow is reportedly keen to expand its non-movie business, and it is already active in the music field.
In August 2017, the company bought audio and video on-demand company Nfusion, having launched a service called Jukebox in June that year. That was a site offering free music downloads, paid for with credits earned by buying cinema tickets from the main site.
The site had deals with all three global major labels as well as key Indian rightsholders, and a catalogue of 1.5m songs. We’ll be interested to see if this week’s funding round sees Jukebox expand its ambitions, in what’s becoming an intensely competitive music-streaming market in India.