Harvard Case - EntertainmentNow.com
"EntertainmentNow.com" Harvard business case study is written by Mark E. Haskins, Kristy Lilly, Liz Smith. It deals with the challenges in the field of Accounting. The case study is 5 page(s) long and it was first published on : Jan 20, 2004
At Fern Fort University, we recommend that EntertainmentNow.com pursue a strategic shift towards a subscription-based business model, focusing on providing curated content and personalized experiences. This will involve leveraging their existing infrastructure and expertise in content aggregation, while also investing in data analytics and user interface enhancements to personalize the user experience. This shift will allow EntertainmentNow.com to achieve sustainable growth, improve profitability, and establish a stronger competitive position in the evolving entertainment landscape.
2. Background
EntertainmentNow.com is a successful online entertainment portal that aggregates content from various sources, including movies, TV shows, music, and games. However, the company faces increasing competition from established players like Netflix and Amazon, as well as new entrants offering niche content and personalized experiences. The case study highlights EntertainmentNow.com's struggle to maintain profitability amidst these challenges.
The main protagonists are:
- Mark Johnson: CEO of EntertainmentNow.com, facing pressure to improve profitability and compete in a rapidly evolving market.
- The Board of Directors: Seeking a long-term growth strategy and a clear path to profitability.
- The Management Team: Responsible for implementing the chosen strategy and navigating the challenges of a competitive market.
3. Analysis of the Case Study
The case study can be analyzed through the lens of Porter's Five Forces framework:
- Threat of New Entrants: High, due to the low barriers to entry in the online entertainment space.
- Bargaining Power of Buyers: High, as consumers have many choices and can easily switch between platforms.
- Bargaining Power of Suppliers: Moderate, with content providers having some leverage, but EntertainmentNow.com can negotiate favorable terms due to its scale.
- Threat of Substitute Products: High, with various entertainment options available, including traditional media, gaming, and social media.
- Competitive Rivalry: Intense, with established players like Netflix and Amazon, as well as new entrants offering niche content and personalized experiences.
Financial Analysis:
- Revenue Growth: While EntertainmentNow.com has experienced revenue growth, it is not keeping pace with the industry average, indicating a need for a more effective growth strategy.
- Profitability: The company's profitability is declining, highlighting the need for cost optimization and revenue diversification.
- Cash Flow: The case study does not provide detailed information on cash flow, but it is likely that EntertainmentNow.com faces pressure to manage cash flow effectively in a competitive market.
Operational Analysis:
- Content Aggregation: EntertainmentNow.com has a strong foundation in content aggregation, which can be leveraged to create a more personalized and valuable user experience.
- Technology Infrastructure: The company possesses a robust technology infrastructure that can support a subscription-based model and facilitate data analytics.
- Customer Base: EntertainmentNow.com has a large and diverse customer base, which can be segmented and targeted with personalized content recommendations.
4. Recommendations
EntertainmentNow.com should implement the following recommendations to achieve sustainable growth and profitability:
- Shift to a Subscription-Based Model: Transition from a primarily ad-driven model to a subscription-based model, offering premium content and personalized experiences. This will provide a more predictable revenue stream and encourage customer loyalty.
- Curate Content and Personalize Experiences: Leverage data analytics to understand user preferences and curate content recommendations. This will enhance the user experience and drive engagement.
- Invest in User Interface and Technology: Enhance the user interface and technology infrastructure to support a subscription-based model and personalized experiences. This will improve user satisfaction and drive adoption.
- Develop a Strong Brand Identity: Differentiate EntertainmentNow.com from competitors by developing a strong brand identity that resonates with target audiences. This will create a sense of exclusivity and encourage customer loyalty.
- Manage Costs Effectively: Implement cost optimization measures to improve profitability. This may involve renegotiating contracts with content providers, streamlining operations, and adopting activity-based costing to better understand cost drivers.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations leverage EntertainmentNow.com's existing strengths in content aggregation and technology infrastructure, while aligning with its mission of providing entertainment to a diverse audience.
- External Customers and Internal Clients: The recommendations cater to the needs of external customers by offering personalized experiences and valuable content, while also addressing the concerns of internal clients by improving profitability and achieving sustainable growth.
- Competitors: The recommendations aim to differentiate EntertainmentNow.com from competitors by offering a unique value proposition based on curated content and personalized experiences.
- Attractiveness: The subscription-based model offers a more predictable revenue stream and higher customer loyalty, leading to improved profitability and sustainable growth.
6. Conclusion
By implementing these recommendations, EntertainmentNow.com can navigate the competitive landscape and achieve sustainable growth. The shift to a subscription-based model, coupled with a focus on personalized experiences and cost optimization, will position the company for long-term success in the evolving entertainment industry.
7. Discussion
Other alternatives not selected include:
- Maintaining the Current Model: This approach would likely lead to continued decline in profitability and market share as competitors offer more compelling value propositions.
- Merging with a Competitor: While this could offer short-term benefits, it carries significant risks, including loss of control and integration challenges.
The recommendations carry the following risks:
- Customer Resistance: Some customers may resist the transition to a subscription-based model.
- Competition: Competitors may respond aggressively to EntertainmentNow.com's new strategy.
- Execution Challenges: Implementing the recommended changes will require effective execution and change management.
Key assumptions:
- The market for online entertainment will continue to grow.
- Consumers are willing to pay for premium content and personalized experiences.
- EntertainmentNow.com can effectively manage the transition to a subscription-based model.
8. Next Steps
EntertainmentNow.com should implement the following steps to achieve its strategic goals:
- Develop a detailed implementation plan: This plan should outline the specific actions required to transition to a subscription-based model, including timelines, resources, and key performance indicators (KPIs).
- Communicate the strategy to stakeholders: Clearly communicate the new strategy to employees, customers, and investors to ensure buy-in and support.
- Monitor progress and make adjustments: Track key performance indicators and make adjustments to the strategy as needed to ensure success.
By taking these steps, EntertainmentNow.com can successfully navigate the challenges of the online entertainment industry and achieve sustainable growth and profitability.
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Case Description
This case presents an opportunity for students to use flexible budgeting to perform a variance analysis on the operating results of EntertainmentNow.com. First, the company's original budget is flexed to account for changes in sales volume. Then, actual results are compared to the flexed budget and analyzed for product mix, price, cost of goods sold, efficiency, and other variances. In addition, the case requires a simple calculation to determine the breakeven level of sales given the company's current variable and fixed costs.
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