BookMyShow, an online ticketing and entertainment platform, has made a strategic investment for a majority stake in TribeVibe, a one-stop solution for college festival entertainment.
The size of the deal or other financial details were not disclosed.
BookMyShow has deepened its partnership with TribeVibe through “strategic investment” “for a majority stake,” a company statement said on Wednesday.
“Having worked together as long term partners across formats, BookMyShow’s investment will aid TribeVibe’s growth trajectory with a 4X increase in revenue targeted over the next one year,” it said.
The partnership will enable a deepened engagement with India’s large and vibrant student community as well as the potential first jobbers, which is an integral segment of entertainment seekers across the country, it added.
Founded in 2019, TribeVibe was launched with an aim to transform the college festival experience.
The platform enables complete artist management by providing end-to-end assistance and access to India’s renowned artists for collaborations, partnerships and production of small and large-scale college events and experiences in India across multiple formats and genres.
“Through this strategic investment, BookMyShow brings the hitherto unaddressed and unorganised market of college entertainment into its fold, targeting students and potential first jobbers at scale,” the company said.
Having built a strong brand value and outreach capabilities, TribeVibe brings forth an as-yet non-addressable market for BookMyShow and has enabled us to successfully tap into this promising category with an extremely high audience engagement, Founder and CEO of BookMyShow Ashish Hemrajani, said.
“Through this partnership, we will look to scale TribeVibe using our data analytics and in-depth consumer data as also expand the reach for brand partnerships that will be apt for this young audience cohort, he added.