Coldplay fever is good news for Indian music stocks like Tips and ...
Sep 25, 2024 09:28 AM IST
If you need proof that digital streaming is transforming India’s music industry, look at the insane demand for British band Coldplay’s upcoming concerts in Mumbai. With 750 million smartphone users, India is a ‘sleeping giant’ when it comes to growing its paid music subscriber base, says Dalal & Broacha Stock Broking. This is great news for stocks like Tips Industries and Saregama, which have already surged 92% and 43%, respectively, this year.
Coldplay on Sunday added a third show to the Mumbai leg of its "Music Of The Spheres World Tour 2025" citing "phenomenal demand", hours after fans expressed disappointment over long virtual queues on the online ticket platform BookMyShow.
According to the platform's website, all three shows are sold out. The tickets for the new show, set to be held on January 21 at Mumbai's DY Patil Sports Stadium, went live at 2 pm on BookMyShow.
Read more: Zerodha is expecting a major revenue dip soon, Nithin Kamath shares"Due to phenomenal demand, a third Mumbai date has been added at DY Patil Stadium for 21 January, 2025. Tickets on sale at 2PM IST today," Coldplay said in an X post, alongside the booking link.
A BookMyShow spokesperson termed the Coldplay ticket sales as a "landmark moment" in India’s live entertainment history as they saw true fandom, overwhelming love and incredible excitement on the platform for Coldplay’s Music Of The Spheres World Tour 2025 in India.
According to the spokesperson, 1.3 crores fans logged in on Sunday to buy tickets.
Read more: Gold prices at record peak, Silver near highest in four months: Top updates"At BookMyShow and BookMyShow Live, we’ve worked hard to ensure every fan had a fair chance to secure tickets, providing clear, step-by-step booking guides and maintaining transparent communication through all our official channels. We implemented a queueing system to manage the overwhelming demand and addressed issues caused by suspicious and malicious traffic within minutes, causing a brief delay, but ensuring minimal disruption for genuine fans. Due to the unprecedented demand, a third Mumbai show was added shortly thereafter, which also received a fantastic response," the spokesperson said in a statement.
"To those who got tickets, congratulations! For those who missed out, we understand your disappointment and are committed to bringing memorable entertainment experiences your way," the platform's spokesperson added.
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