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PK first to see Rs 100 crore e-ticket business

30th January, 2015 3:07pm     Bollywood      Comments  
Aamir Khan starrer PK has become the first Bollywood film to gross Rs 100 crore from online bookings, signaling that internet economy is beginning to seriously influence India's moviegoing habits.

BookMy Show, the country's largest online entertainment ticketing platform with over 90% market share, said it has reported over Rs 102 crore in revenue from the sale of PK tickets, as of Wednesday. This represented 25% of PK's domestic collections and 17% of its gross earnings, including the overseas numbers.

PK's box office revenue topped Rs 600 crore, or $95 million, making it the most successful Bollywood film till date. BookMyShow data said PK's online sales were 50% higher than Dhoom 3, which netted Rs 47 crore through internet sales. The other top internet sales grossing Bollywood films include Happy New Year (Rs 36 crore), Kick (Rs 31 crore), and Chennai Express (Rs 30 crore).

India's consumer internet startups, heavily funded by the Wall Street hedge funds and Silicon Valley venture capitalists, is riding high on the surging number of internet users, estimated at over 250 million currently. Mobile internet is driving online consumerism bringing in as much as 70% of the traffic for most companies.

"Immediacy of movie ticket purchases is getting shorter and there is a higher rate of impulsive buying that is happening, as consumers now have greater access to tools like internet and mobile," BookMyShow CEO Ashish Hemrajani told TOI. The Mumbai-based company is funded by Accel Partners, Tiger Global and SAIF Partners among others.

India's box office is estimated to sell 50 million tickets monthly, with an estimated 4 to 6 million being sold online. PK's online booking stood at 6.5 million. Online ticketing accounts for 20% of the Hollywood and 16% of the Chinese box office collections pegged at $11 billion and $3.6 billion annually.

Online sales of niche Bollywood films like The Lunchbox and Madras Cafe stood between 40 to 70% of the gross collections.

Hemrajani said almost 50% of cinema bookings for the weekend are done either on the day of the show or just a couple of hours before the show. "This is internetization of the Indian consumer story. It will gather pace as more people get comfortable with smartphones," said Rehan Yar Khan, founder and managing director , Orios Venture Partners, an early stage investor in new age software product and consumer internet startups.

"Next year we may talk of a movie that has crossed Rs 150 crore or Rs 200 crore in online sales," Hemrajani added.

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