BookMyShow, a famous online platform for buying movie tickets and other entertainment events, has laid off 200 employees, the company’s second large round of layoffs after laying off 270 staff during the first wave of the Covid-19 outbreak.
The most recent round of layoffs is the result of the second Covid-19 wave, which has had a significant impact on BookMyShow’s operations.
Ashish Hemrajani, co-founder and CEO of the firm, stated that 200 of the firm’s most brilliant and performance-driven employees were let go. He also asked individuals from other businesses to provide him with information on job openings. “Covid-19 has taught me many lessons and I learnt another one today. As we let go of 200 of the most incredibility talented and performance-driven individuals, each and every one has messaged, thanking me for the opportunity, the love for BookMyShow and asking me if they could help,” he stated.
It should be mentioned that movie tickets and online ticket booking account for 65% of BookMyShow’s earnings. However, the epidemic had a significant impact on its business, since most cinemas stayed closed. Given the circumstances, BookMyShow has begun pay-per-view movie streaming, though it is still in its early stages.
The e – ticketing service founded in India in 2007 has suffered the brunt of the country’s massive damage to the media and entertainment sectors. While the film industry is expected to lose approximately Rs. 5,000 crore in 2021 alone, the live events and exhibition sector is also facing a bleak future, with lockdowns and curfews in some states and consumers being scared of outdoor entertainment in the near future.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.