What is TicketNew?
We love having some time off to enjoy life, be it watching a movie or going to a concert. It offers us an opportunity to rejuvenate ourselves. We always look forward to the weekends because that is the time we get to have fun. Every time a new film is in the theatres, all movie buffs look forward to watching it. The same goes for sports enthusiasts who are even willing to take a day off from work just to watch their favourite matches in the stadiums. Be that as it may, there is one aspect of it that we all hate – booking the tickets. It can be exhausting to wait in line for hours to get the desired seats for any show. So TicketNew brings you an excellent solution.
TicketNew (1) is an online booking platform where you can buy tickets for a movie, concert, drama or any event. The company was founded in 2008 by Ramkumar Nammalvar, V Sasi Raman, and Ravishankar Ramanujalu. The online ticketing market had faced a challenge with the popularity of streaming apps like Netflix. However, since people loved the real experience much more, TicketNew has seen tremendous growth over the years. Starting from Tamil Nadu, the company expanded its reach to all major cities in the country. The expanded utilization of phones and online sources in smaller towns has additionally encouraged them to make a promising client base.
As of now, TicketNew can be used to book tickets in Tamil Nadu, West Bengal, Uttarakhand, Uttar Pradesh, Telangana, Rajasthan, Punjab, Pondicherry, Odisha, Meghalaya, Maharashtra, Madhya Pradesh, Kerala, Karnataka, Jharkhand, Jammu & Kashmir, Himachal Pradesh, Haryana, Gujarat, Goa, Delhi-NCR, Chattisgarh, Chandigarh, Bihar, Assam, Andhra Pradesh, and Andaman.
The relevance of TicketNew
TicketNew first started its services in Tamil Nadu. Since the state has a decent market for online booking, it was the perfect base for the company. According to the statistics, the movie ticket market in Tamil Nadu has a value of more than 1350 crore rupees. It is home to a lot of movie enthusiasts and has therefore sold more than ten crore movie tickets in the last single year. The people booked around 3.5 crore tickets through online platforms.
Online ticket booking has only gained popularity in The last couple of years. People were usually sceptical about whether they might lose their money. Online booking does cost you an extra charge known as the convenience fee. But as the name suggests, it is money you pay for the vast convenience it offers. You do not have to shove through a crowd to get the seats you want. It is not fun watching a movie from the front row either. Therefore, more people have turned to online booking platforms over the years.
The investment by Alibaba
In 2017, Alibaba acquired a significant stake in TicketNew for an undisclosed amount. It was an essential step for the company because of the reputation of Alibaba Pictures in India. Alibaba Pictures is the entertainment department of the Alibaba group, which is a significant internet leader from China. The group is worth 23 billion dollars. As a part of the acquisition, four representatives from the Alibaba Group joined the board of TicketNew. They also made an investment of over 30 million dollars in TicketNew. However, the platform proceeds its journey as an autonomous entity with Ramkumar as the head of the business.
The idea of this deal came to Alibaba when BookMyShow (2) began a discussion with them for a potential round of venture in the year 2016. That was the first time that Alibaba and Ali Pictures heard Ticketnew’s name and learned about their place in the online ticketing industry of India. The deal also offered new opportunities for both parties. While TicketNew was able to expand its business, Alibaba could strengthen their brand name in the country. For Alibaba Pictures, getting a substantial part stake in Ticketnew was a big step towards investigating a more crucial play in India’s blasting media outlet.
Challenges and growth over the years
The prominent competition for TicketNew in this business was BookMyShow. However, this competitor had enough investments and funding to establish a great brand name in the country. By 2017, BookMyShow had received a total of 128 million dollars from various investors. On the other hand, TicketNew had to face several challenges in the beginning. The founder and Chief Executive Officer of TicketNew, Nammalvar Ramkumar, had to make use of financial facilities from the bank to keep the business profitable.
He also had to mortgage many of his assets, including his house to build TicketNew. After initiating the website, Ramkumar approached four of the most popular multiplexes in India, all of which agreed to go live with Ticketnew. The company fought hard in the beginning to overcome many challenges. After passing the test of survival, Ramkumar wanted to enhance the services provided through the platform.
In addition, they had to reach a broader population and gain more faithful customers. In order to do this, money was not the only factor. Ramkumar knew that the company had to associate or collaborate with a huge brand name in the country. The deals with Alibaba and Paytm allowed TicketNew to expand their business and create a firm ground in the online ticket booking business. Ever since this acquisition, TicketNew has seen an increased and widespread consumer base. By the end of 2018, TicketNew had more than 1500 theatres in South India.
The acquisition by Paytm
The parent firm of TicketNew is Orbgen Technologies. Paytm later obtained this enterprise for an undisclosed entirety of cash. Paytm being one of the giants in the field of online booking and transaction, intends to expand their business through this acquisition. As a part of the procurement, Paytm planned to get its hands on over 600 screens claimed by the TicketNew firm. Paytm also paid off the investment made by Alibaba Group in TicketNew. After this deal, which occurred in 2018, TicketNew has had the option to extend its business skillet India, making it one of the leading online ticket booking platforms.
Link : https://timesnext.com/ticketnew-startup/
Author :- Nidhia Sebastian
August 05, 2020 at 11:27AM
TimesNext