Zomato Live Entertainment, the events division of the food delivery platform Zomato, is gearing up to expand its reach by venturing into new cities and creating fresh intellectual properties (IPs).
The decision is in line with the company’s recent introduction of a dedicated tab on the Zomato app, aiding users in discovering and participating in eagerly awaited events throughout various cities.
Zeenah Vilcassim, the CEO of Zomato Live, has outlined the company’s growth path and its objective to make a significant double-digit contribution to Zomato’s overall revenue within a span of three years.
Presently, Zomato Live makes a contribution of a single-digit percentage to Zomato’s total revenue.
“If you look at the scale and the size of the business that we have with online ordering right now and BlinkIt, even a low double-digit is still huge as a business. That’s the goal that we’re working towards, and we’ll release some of those numbers as they come up,” she said.
Introduced in 2018, Zomato Live initially centred on the Zomaland intellectual property, a culinary carnival and music festival that has since extended to eight cities. It has captivated approximately 200,000 patrons with its comprehensive blend of food, entertainment, and music.
Vilcassim emphasized the synergy between Zomato Live and the fundamental Zomato business, particularly in harnessing the search and discovery capabilities of the parent company. The live events industry, experiencing growth post-COVID, is anticipated to reach $8 billion by 2028, up from just under $5 billion today. Zomato Live aspires to establish itself as India’s foremost live entertainment company, prioritizing superior curation, customer experience, and operational excellence, as stated by Vilcassim.
“The opportunity here is really huge also because the consumer expectation, especially for live events, has increased massively in India. People are paying higher prices for ticketing, and they’re expecting amazing production,” the CEO said.
The sector must adapt to that consumer mindset, she remarked, adding, “So when it comes to access to venues, restaurant partner areas, the best tech and developers in the country plus being a very, skilled operations company, it was a no-brainer almost that we should do this side of business. Also, because there’s a lot of synergies that can go back to the core business.”
In order to capitalise on the burgeoning interest in live events, Zomato Live seeks to provide top-notch experiences and generate revenue through ticketing and sponsorships. The company has introduced a fresh events tab in the Zomato app, presenting a carefully curated array of premium events, encompassing festivals, concerts, and tours.
This characteristic, marked by a premium user interface, is set to extend to 12 prominent cities, commencing with a special New Year’s Eve presentation. The tab will showcase “the finest events available for booking on New Year’s Eve, featuring excellent content, video materials, and all curated through a delightful search and discovery element,” she appended.
Contemplating Zomato’s achievement of profitability with Zomaland, Vilcassim stressed a strategic commitment to cultivating sustainable intellectual properties. Zomato Live recognises the dynamics of the market and strives to broaden its portfolio of events to mitigate risks, offering a blend of both large-scale and more intimate gatherings.
“We will also be announcing some new IPs and concerts that we have coming up, including four more left of Zomaland. We’re also looking at more premium things in the sneaker space, we are doing a collab with Mainstreet that’s already kind of been discussed and coming out. We’re working with them on their Indian Sneaker Convention. We have a big comedy act coming through, two big artists tours coming through and another IP that we’re going to launch later in the year,” she added.
Underlining the changing dynamics of the market, Vilcassim mentioned a prevailing fatigue arising from the abundance of various intellectual properties (IPs) and continuous launches in the live events sector. In acknowledgment of this market sentiment, she delineated a strategic approach centred on clarity, emphasising the importance of identifying significant ventures that will shape Zomato Live’s course.
“Our strategy extends to the diversification of our events portfolio, ensuring that our profitability isn’t solely dependent on the success of IP creation and curation,” she said.
Recognizing the time-consuming process of establishing intellectual properties (IPs), the company acknowledges the necessity for a well-rounded strategy. This strategy encompasses large-scale productions with renowned artists, attracting substantial crowds and demonstrating positive profit and loss outcomes. Simultaneously, it involves cost-effective events. The intention is to approach the live events landscape with a business perspective, she explained.
