India's Live Events Boom: Can JetSynthesys Dethrone BookMyShow, District?

Where is India’s youth spending today? Well, away from the world of fancy ice creams and the latest D2C drops — packed concert halls, auditoriums, festival grounds and echoing stadiums can testify where the real consumption story is being written as we speak. That’s the thesis that JetSynthesys is banking on.

A new wave has enveloped the country, and at its heart is the aspirational young Indian willing to be immersed in the live concert experience.

Remember the or how Diljit Dosanjh brought the crowd to a standstill? While you may not be a fan, for many loyalists, this was once-in-a-lifetime experience and they splurged gladly without batting an eyelid.

Not to mention, a high for live events and concerts among Indian youth is on the rise. For context, India hosted over 30,000 live events across 319 cities last year, witnessing an 18% YoY growth in attendance, according to . And it’s not just the metros hogging the limelight. Tier II cities like Gandhinagar, Lucknow and Shillong saw a record 682% increase in ticket sales in 2024.

The live events segment crossed the INR 12,000 Cr mark in revenue during the year and is likely to expand at a healthy 19% CAGR over the three-year period ahead, according to an EY report. In fact, there were as many as 70 to 80 concert days in 2024 alone, with attendances of over 10,000 each.

Once dominated by BookMyShow, the live events space is now brimming with new players. Last year, sending a clear message that its gigantic Gen Z and millennial base was ready to be baptised — from foodies into concert-goers. The end result is .

Swiggy, too, did not want to miss the bus, and , looking to beef up the going-out vertical which was thus far centred around Dineout.

Amid the shifting paradigm, Krafton-backed digital entertainment and technology company JetSynthesys has launched JetAlive to cash in on the growing live experiences mania. With JetAlive, the gaming and esports company aims to deliver live experiences to GenZ in the ‘phygital’ (physical + digital) format — a move that is being touted as a natural progression for the company.

This is because JetSynthesys is not a typical consumer technology startup and knows the youth and the live engagement business but in a different guise, esports.

Now, with its sights set on strengthening its connection with the GenZ audience, the company has lined up Lucky Ali India Tour, K-Town, and JetFest (an event merging gaming, tech, and lifestyle into an interactive festival).

JetAlive: Natural Progression Not A Pivot

The idea behind JetAlive is less of a pivot and more of a progression — a natural extension of what it has always done in the digital world.

Speaking with Inc42, the founder and CEO of JetSynthesys, Rajan Navani, said that over the years, the company has built large communities around the passions of Gen Z and the digital generation.

From music, video gaming, esports and even video commentary to embracing various aspects of the creator economy and content ecosystem, the Jetsynthesys’ engagement game spans across platforms.

Per the CEO, the company’s live concerts’ leap is both unique and bold, and there are multiple reasons why young people will be willing to show up. For one: the company won’t just focus on doing physical events with the same set of creators or platforms but rather plans to serve a cocktail, combining gaming with music or starting an esports event with a session on mental wellness.

However, industry experts see this as a natural extension and not a leap — the demand is already there and it’s just about packaging it right.

“Esports events are as immersive and energetic as concerts. At the end of the day, it’s the same young audience. It makes complete sense to blend formats, host a tournament and end it with a concert, or vice versa. It’s about delivering a more intense experience,” said Ashish Pherwani, media and entertainment partner at EY.

He added that while live events are a great format, it’s about what kind of live event you’re doing and the value it delivers to both the audience and the sponsors.

According to industry experts, JetSynthesys is poised to do well in this arena as this is up its alley. It has already created an IPL-like franchise-based cricket esports league. It recently hosted Season 2 of the Global e-Cricket Premier League (GEPL).

JetSynthesys has already demonstrated its ability to build, scale, and monetise large-format digital-first events, and with JetAlive, it plans to bring the same to the physical world, engaging and bringing everything — fan engagement, brand partnerships, and creator ecosystems — in a live setting.

Where Does JetSynthesys’ Edge Lie?

So, what makes JetSynthesys different from a new entrant like Zomato and Swiggy or a legacy player like BookMyShow and Wizcraft in this line of business?

According to an industry expert, BookMyShow started as a ticketing platform and Zomato did not have any IP other than Zomaland. And then, there is the larger industry, which is highly unorganised. For JetSynthesys, it is an opportunity to expand its events portfolio.

Zomato has expanded into live events primarily through acquisitions and integrations. Swiggy’s ‘Scenes’ feature, integrated within its Dineout tab, focusses on booking and ticketing for live events at partner restaurants.

BookMyShow also aggregates and sells tickets for events (music concerts, plays, comedy shows, etc.) organised by others. Also, BooKMyShow only expanded into content production and live experiences in recent years (example: Lollapalooza India), but its core remains facilitation and not end-to-end IP ownership, precisely where JetSynthesys’ strength rests.

“Everybody has unique ways of entering a particular space. You know some come from the ticketing side. We are coming from a direct understanding of our communities and how they engage with our forms of content. We are also coming from a very large consumer base. We’re India’s largest music distribution platform when it comes to languages like Bhojpuri, Haryanvi, and Odia. We already have some of the biggest legacy entertainers working with us,” Navani said.

Moreover, JetSynthesys is not only bringing digital IPs to life but also planning to build entirely new, long-term physical IPs from scratch, inspired by global formats and tailored to Indian audiences.

“We’ve seen how physical IPs grow and mature over time and we’ve done this before,” Navani said, referring to its past success with Nodwin Gaming and acquisition of well-known properties like NH7 Weekender.

What’s The Plan, JetAlive?

As JetSynthesys gears up to launch a new portfolio of IPs, from K-pop collaborations to regional music properties, the company is making a bold attempt to create enduring cultural formats, the kind that can evolve into full-fledged festivals, fan conventions, or arena-scale spectacles.

The company has also hired former BookMyShow executive Kumar Rajdan, who has extensive experience creating and promoting live entertainment IPs. Rajdan, who has also worked with Nesco’s event segment, will head JetAlive.

JetSynthesys plans to generate revenue through brand sponsorships, advertising, and ticketing for physical events. Moreover, it will explore cross-platform opportunities and use gamification and video gaming technologies to enhance consumer engagement and provide unique event experiences that drive more spending.

While it is looking to build significant revenue streams from day one, Navani said building the physical event business is a long-term play. “Investments will be made in the initial stages to ensure growth and sustainability, and we expect a gradual increase in revenue from the live event segment over the next few years,” he said.

Notably, JetSynthesys’ operating revenues stood at INR 196 Cr in INR FY24, up 34% from INR 146 Cr posted FY23. The live concerts business will only bolster its revenues further.

But the real question is: Can JetSynthesys add value to win in the events segment?

Well, at the end of the day, it is important to add value to win in the events segment, Nishant Kini, the founder of Bengaluru-based branding and events agency The Nishé & Co, said. For example, an outdoor marketing company once ventured into the live experience space, they tried hosting what was once billed as the biggest Bollywood dance party. But that property didn’t really take off.

“The problem was, Bollywood music is everywhere from clubs to lounges, Bollywood nights are common. There was nothing distinctive about their event except that it was in an outdoor venue with a massive set design. It looked like Sunburn for a year, but the event couldn’t sustain for long,” Kini said.

What Aces JetSynthesys Holds Up Its Sleeves

Experts believe that for JetSynthesys to stand out in the crowded live events business, it will have to play to its strengths, technology. By integrating advanced tech into event experiences, the company can deliver audience engagement and create unique, interactive experiences.

One of Jet Synthesys’ biggest strengths is its ability to personalise experiences. Imagine stepping into a virtual world where you’re not just watching but actively participating.

This is exactly what Jet Synthesys excels in — creating experiences that feel as if they’re tailor-made just for its customers.

But that’s not all. Augmented Reality (AR) is the next big frontier for JetSynthesys. According to Navani, Jetsynthesys has spent years investing in AR and VR technologies to craft experiences that go beyond what traditional event organisers offer.

But, experts caution that the company should not focus solely on technology, especially when players like BookMyShow are upping the ante. For context: BookMyShow’s VerTech Stage system, too, enhances value and consumer experience.

“Not just this, while going ahead, the company will have to smartly factor in costs related to venues, logistics, and high-quality production,” a former executive at a large event company said, adding that balancing these expenses while generating revenues sustainably will be a daunting task for JetAlive going ahead.

Also, although JetSynthesys is a known name in the online space, venturing into live events needs a similar kind of brand recall.

With players like BookMyShow and Zomato commanding the space, it becomes all the more crucial for JetSynthesys to spend aggressively on marketing and strategic alliances.

However, what could prove to be the Achilles’ heel for JetSynthesys is its bloating losses. Notably, the company posted a loss of INR 97.52 Cr in FY24 compared to INR 67.9 Cr in FY23. While this represents a 43% YoY rise in the metric, the company’s expenses grew unabated at 37% YoY to INR 352.8 Cr in FY24.

By factoring in all these, along with its hands-on approach to attracting and retaining brilliant talent, JetSynthesys is poised for a smooth passage in the realm of live events and concerts. Fuelling its ambitions will be India’s youth, famished for immersive, culturally resonant live experiences. However, the stakes are high, and competition is on the prowl. Can JetSynthesys deliver a mic-drop performance?

[Edited by Shishir Parasher]

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