BookMyShow, which built its business as the digital ticket counter for the entertainment economy, is now moving deeper into the segment behind the ticket — investing in concert infrastructure, venues, intellectual property (IP), production capabilities and event properties — as live entertainment gains currency in the country.
The shift is visible in the financials of Big Tree Entertainment, the parent of BookMyShow. Its live-events revenue rose from Rs 237.5 crore in FY23 to Rs 455 crore in FY24 and Rs 756 crore in FY25 — more than tripling in two years and just about Rs 72 crore short of its Rs 828-crore online-ticketing revenue. Big Tree’s total income stood at Rs 1,869 crore in FY25 and net profit rose 77% to Rs 192 crore. Expenses increased 29% to Rs 1,704 crore, reflecting the higher costs associated with producing and marketing live events, including artist fees and infrastructure. Its FY26 numbers are not available yet.
The investment comes at a time when organised live-events industry is expanding. The market is projected to grow from Rs 14,500 crore in 2025 to Rs 19,600 crore by 2028, according to industry estimates. Concerts are also spreading beyond the traditional metro markets, helped by a younger audience, rising disposable incomes and growing interest for global artists. BookMyShow sees the market as being in an investment phase. “The market remains early and promising. These are very much growth and investment years,” said Naman Pugalia, chief business officer for live events at BookMyShow.
A key constraint is infrastructure. India does not have a permanent, purpose-built large concert arena, leaving promoters to convert open grounds, racecourses and other venues for individual events. BookMyShow is trying to bring more of that infrastructure in-house.
In 2024, BookMyShow Live acquired the VerTech stage system from UK-based Star Live. This year, it bought additional staging equipment from Belgium’s Stageco, including a steel roof capable of supporting about 28 tonne of equipment at a height of 15 metres. It is also working on venues, including an 18,000-21,000-capacity one under an agreement with Cidco in Mumbai. In Bengaluru, it is working to develop NICE Grounds as a plug-and-play concert.
The strategy extends to IP. BookMyShow acquired Sunburn in 2019 and has since built formats such as Arena, Academy and Campus. Bandland is being developed as a touring property, while TribeVibe gives it a presence in college events and Lollapalooza India provides access to a global festival format.
The approach is being mirrored by District, Zomato’s entertainment platform, which is seeking to build control over the physical experience around events. District owns the 16-acre, 17,000-capacity Terraform venue in Bengaluru and plans to add more. It is also targeting 500-2,000-capacity venues for emerging artists. It is also buying reusable event inventory — stage setups, tarps and specialised washroom systems. “We want to own the experience end-to-end, not just the ticket code,” said Rahul Ganjoo, chief executive of District.
The emerging contest, therefore, is no longer simply for the consumer transaction. As live-events market expands, BookMyShow and District are competing to own more of the assets, IP and audience relationships that sit behind the ticket.