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Indian financial services platform Paytm said that its entertainment vertical sold over 52 million movie and event tickets in 2017, becoming the country's fastest-growing entertainment ticketing platform and the company saw an exponential 5x growth as compared to 2016.
Madhur Deora, Chief Financial Officer, and SVP, Paytm said, "After an exceptional 2017, we have had a great start in 2018. Our aim this year is to become a market leader in entertainment ticketing category and sell over 100 million tickets across India. We will continue growing the overall ecosystem by adding single-screen cinemas and expanding into smaller cities and towns."
"We are leveraging the Paytm ecosystem to offer a seamless experience to our users, both online on the Paytm app and offline at the cinemas. Paytm users can pay for their movie tickets and food, parking and transport with a single app. Already, 50 percent of our moviegoers also use Paytm to pay at the cinema, nearby food outlets, parking at the mall or taxi rides. " Deora added.
In South India, Paytm has forged exclusive partnerships with leading regional multiplex chains like SPI Cinemas, Suresh Productions, V Celluloid, SVC and Anusri Cinemas, which has helped the company gain market share in the South Indian movie industry. All major national and regional chains are now available on Paytm, with the platform contributing 30 percent of their overall ticket sales. The company is currently working to onboard more regional theaters with single and multi-screens to bring them online.
Apoorva Mehta, CEO, Dharma Productions, "Given that e-ticketing is the future of our revenues and online purchase of movie tickets are at an all-time high owing to our government's digitization drive, our partnership with Paytm holds immense significance with respect to our goals. We at Dharma have been working closely with Paytm since Ae Dil Hai Mushkil, and each association turns out to be bigger and a better than the previous one. We've started linking sales data back to the marketing of films in a way that has never been done before. We're also looking forward to setting bigger targets and newer trends with the exciting Dharma line-up in 2018-19."
In March 2016, Paytm launched its movie ticketing platform in partnership with PVR, the leading and most valued multiplex chain in India. In last 2 years, it has also partnered with major multiplex chains like Cinepolis, INOX and Carnival Cinemas to expand its footprint across India.