Mumbai-based online ticketing platform BookMyShow, in which Reliance Industries-controlled Network18 holds a sizeable stake, has acquired video-on-demand platform Nfusion for an undisclosed amount in an all-cash deal.
The acquisition is expected to help BookMyShow’s foray into audio entertainment.
The Sharjah-based Nfusion is an HD video-on-demand platform that allows users stream videos online. BookMyShow will integrate Nfusion’s tech infrastructure to power its recently launched audio entertainment offering ‘Jukebox’.
Nfusion was founded in 2009 by Shoaib GM Khan, Sivagurunathan S and Prabhakar Reddy.
Nfusion’s tech solutions, especially its content management system (CMS), will be a key to the success of BookMyShow’s foray into audio entertainment, the firm said in a statement.
The Nfusion team will be headed by Khan while Sivagurunathan will lead the architecture as well as development and operations teams at BookMyShow.
“We have already established our video content vertical and are now excited to foray into audio entertainment through our offering Jukebox. With them (Nfusion) and our music label partners, we look forward to offering the widest variety and possibly the best curated audio content to our users,” said Parikshit Dar, director, BookMyShow.
Through Jukebox, BookMyShow already offers music downloading services to its users. Users can download music with the credit points they earn from booking movie tickets on BookMyShow.
Currently, BookMyShow claims to offer over 1.5 million songs.
The company has also appointed Aditya Kuber as associate vice president – audio entertainment. His role will be instrumental in driving partnerships with music labels and distributors as well as creating exclusive audio content.
Bigtree Entertainment Pvt. Ltd, which runs BookMyShow, has already made three acquisitions this year. In its most recent buyout, the company acquired restaurant-discovery platform Burrp, another Network18-owned firm.
It bought out 75% stake in Pune-based do-it-yourself (DIY) event registration and ticketing platform Townscript for an undisclosed amount in February.
In January, BookMyShow acquired Hyderabad-based ticket-booking platform MastiTickets for an undisclosed amount.
The company had also bought a majority stake in Bengaluru-based social media analytics startup Eventifier in 2015, and Chennai-based fan-relationship management solutions provider Fantain Sports Pvt. Ltd last year. It had acquired Chennai-based online ticketing firm TicketGreen in 2013.
BookMyShow was launched in 2007, and claims to be present in over 650 towns and cities across India.