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BookMyShow acquires Nfusion for its audio entertainment offering
MUMBAI: Online ticketing company BookMyShow has acquired digital entertainment company Nfusion for an undisclosed amount in an all-cash deal.
Nfusion’s scalable tech solutions, especially CMS (content management system), will be key to the success of BookMyShow’s foray into audio entertainment.
The ticketing company is entering audio entertainment with its new offering Jukebox. All users who book movie tickets on BookMyShow are rewarded with music credits that can be redeemed to download their favourite songs on the Android or iOS app.
Currently, BookMyShow offers over 1.5 million songs to choose from and is witnessing 300% growth month-on-month in the number of downloads.
The acquisition will not only provide BookMyShow a robust tech platform but also an experienced team that will provide a fillip to its audio entertainment offerings.
BookMyShow director Parikshit Dar said, “We have already established our video content vertical and are now excited to foray into audio entertainment through our offering ‘Jukebox’. The Nfusion team has brought with them immense experience, innovation capability as well as expertise in building and managing scalable tech solutions. With them and our music label partners, we look forward to offering the widest variety and possibly the best curated audio content to our users.”
While the Nfusion team will be headed by Shoaib GM Khan, Sivagurunathan S will lead the architecture and development teams at BookMyShow.
The ticketing company has also appointed Aditya Kuber as associate VP, audio entertainment. He will report to BookMyShow CEO and founder Ashish Hemrajani.
Kuber’s role will be instrumental in driving partnerships with music labels and distributors, creating exclusive audio content for BookMyShow users and product marketing. He brings with him over 17 years of experience and has a demonstrated history of working across media, publishing, digital and advertising.
Nfusion was set up in the Middle East in 2009 by Shoaib GM Khan, Sivagurunathan S and Prabhakar Reddy as an HD video-on-demand platform that allowed its users to stream videos online. While Shoaib (alumnus of BITS Pilani) designed, built and managed the end-to-end media platform, Prabhakar (alumnus of BITS Pilani and Harvard Business School) led the product, monetisation and business development at Nfusion. Sivagurnathan (alumnus of BITS Pilani and IIM Bangalore) designed and managed the information security and infrastructure for Nfusion’s media portal.
Prior to this acquisition, BookMyShow acquired Hyderabad-based online movie ticketing platform MastiTickets in 2017, invested in Pune-based DIY platform Townscript, and also purchased Mumbai-based local food and restaurant recommendation engine Burrp.
The company then went on to acquire Chennai-based fan relationship management (FRM) solutions provider Fantain Sports in 2016. It also acquired a majority stake in Bengaluru-based social media analytics start-up Eventifier in 2015. In 2013, the company had acquired Chennai-based online ticketing player TicketGreen in 2013.