Harvard Case - The Black List
"The Black List" Harvard business case study is written by Henry W. McGee, Sarah McAra. It deals with the challenges in the field of Entrepreneurship. The case study is 28 page(s) long and it was first published on : Nov 10, 2016
At Fern Fort University, we recommend that The Black List prioritize a strategic shift towards a subscription-based model for their core product, the ?Black List? database. This shift will require significant investment in technology and analytics to enhance the user experience and provide valuable insights for their target audience of filmmakers and industry professionals. Additionally, The Black List should explore strategic partnerships with established platforms in the entertainment industry to expand their reach and leverage existing user bases. This strategy will allow The Black List to scale its operations and achieve sustainable growth while maintaining its core values of fostering creativity and supporting independent filmmakers.
2. Background
The Black List is a platform founded by Franklin Leonard that showcases unproduced screenplays. The platform has gained significant traction in the film industry, becoming a recognized source for discovering promising talent and fresh ideas. The case study focuses on the challenges faced by The Black List as it navigates its growth trajectory, considering various options for expanding its reach and monetizing its unique position in the entertainment industry.
The main protagonists of the case study are Franklin Leonard, the founder and CEO of The Black List, and his team, who are grappling with the decision of how to best capitalize on the platform?s success.
3. Analysis of the Case Study
The Black List faces a critical juncture as it seeks to balance its mission of supporting independent filmmakers with the need for sustainable growth. The current business model, relying primarily on advertising revenue, is insufficient to support the platform?s ambitions.
Strategic Analysis:
- Competitive Advantage: The Black List?s unique value proposition lies in its curated selection of high-quality screenplays, providing a platform for discovery and collaboration within the film industry.
- Market Opportunity: The entertainment industry is constantly evolving, with increasing demand for fresh content and diverse voices. The Black List is well-positioned to capitalize on this trend by connecting filmmakers with decision-makers.
- Threats: The Black List faces competition from established platforms and emerging technologies that seek to disrupt the traditional film industry. Additionally, the platform?s reliance on user-generated content raises concerns about intellectual property protection and potential legal challenges.
Financial Analysis:
- Current Revenue Model: The Black List?s current revenue model, based on advertising, is limited in its potential for significant growth.
- Growth Strategy: A subscription-based model offers a more sustainable and scalable revenue stream, allowing The Black List to directly monetize its user base and provide premium features.
- Investment Requirements: Implementing a subscription model and enhancing the platform?s technology will require significant investment in software development, data analytics, and marketing.
Marketing Analysis:
- Target Audience: The Black List?s target audience consists of filmmakers, producers, and industry professionals seeking to discover and develop new projects.
- Value Proposition: The platform offers a curated selection of high-quality screenplays, networking opportunities, and insights into industry trends.
- Marketing Strategy: The Black List should leverage its brand recognition and industry relationships to promote its subscription model through targeted marketing campaigns and partnerships with relevant organizations.
Operational Analysis:
- Technology and Analytics: The Black List needs to invest in technology and analytics to enhance its user experience, provide personalized recommendations, and gather data for informed decision-making.
- Content Management: The platform needs to develop robust content management systems to ensure the quality and integrity of the screenplays featured on its platform.
- Community Building: The Black List should foster a strong community by creating opportunities for interaction and collaboration among its users.
4. Recommendations
- Transition to a Subscription-Based Model: The Black List should introduce a tiered subscription model offering premium features and access to exclusive content. This model will provide a more predictable and scalable revenue stream, allowing for greater investment in platform development and marketing.
- Enhance Technology and Analytics: The Black List should invest in technology and analytics to improve the user experience, personalize content recommendations, and gather data for informed decision-making. This will involve developing a robust search engine, implementing recommendation algorithms, and integrating data analytics tools.
- Strategic Partnerships: The Black List should seek strategic partnerships with established platforms in the entertainment industry, such as film festivals, production companies, and streaming services. These partnerships will expand the platform?s reach, leverage existing user bases, and provide access to valuable resources.
- Content Expansion: The Black List should explore expanding its content offerings beyond screenplays to include other forms of media, such as short films, web series, and podcasts. This will diversify the platform?s content and attract a wider audience.
- Community Building: The Black List should actively foster a strong community by creating opportunities for interaction and collaboration among its users. This can be achieved through online forums, workshops, and networking events.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The subscription model aligns with The Black List?s mission of supporting independent filmmakers by providing them with a platform to showcase their work and connect with industry professionals.
- External Customers and Internal Clients: The subscription model caters to the needs of both filmmakers and industry professionals by providing them with premium features and access to exclusive content.
- Competitors: The subscription model allows The Black List to compete effectively with established platforms by offering a unique value proposition and a more personalized user experience.
- Attractiveness: The subscription model offers a more sustainable and scalable revenue stream, allowing for significant investment in platform development, marketing, and talent acquisition.
6. Conclusion
The Black List has the potential to become a leading platform for discovering and developing new talent in the entertainment industry. By transitioning to a subscription-based model, investing in technology and analytics, and pursuing strategic partnerships, The Black List can achieve sustainable growth while maintaining its commitment to fostering creativity and supporting independent filmmakers.
7. Discussion
Alternatives:
- Advertising-Based Model: This model is less sustainable and scalable, as it relies on external factors such as ad spending and market conditions.
- Transaction-Based Model: This model involves charging fees for services such as screenplay evaluations or introductions to industry professionals. However, this model may not be scalable and could alienate potential users.
Risks:
- User Resistance: Some users may resist the transition to a subscription model, particularly those who have been accustomed to free access.
- Competition: The Black List faces competition from established platforms and emerging technologies that seek to disrupt the traditional film industry.
- Technology Investment: Implementing a subscription model and enhancing the platform?s technology will require significant investment, which may pose a financial risk.
Key Assumptions:
- The Black List?s user base is willing to pay for premium features and access to exclusive content.
- The platform can successfully attract new users and retain existing subscribers.
- The entertainment industry will continue to demand fresh content and diverse voices.
8. Next Steps
- Develop a Detailed Business Plan: The Black List should develop a detailed business plan outlining the implementation of the subscription model, including pricing strategies, marketing plans, and financial projections.
- Invest in Technology and Analytics: The Black List should invest in technology and analytics to enhance the user experience, personalize content recommendations, and gather data for informed decision-making.
- Pursue Strategic Partnerships: The Black List should identify and pursue strategic partnerships with established platforms in the entertainment industry.
- Launch Pilot Program: The Black List should launch a pilot program with a limited number of users to test the subscription model and gather feedback.
- Monitor Performance and Adjust: The Black List should continuously monitor the performance of the subscription model and make adjustments as needed to optimize revenue and user satisfaction.
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Case Description
Franklin Leonard founded The Black List in 2005 as an innovative approach to identifying potential hit movie scripts via crowdsourcing. As the annual Black List proved to hold the scripts of some of Hollywood's most successful films, from "Slumdog Millionaire" to "Spotlight," it became widely respected and highly anticipated throughout the industry. In 2012, Leonard uses the momentum to bring The Black List online as a database where unproduced screenplays can be reviewed and discovered by industry experts. Now in 2016, Leonard is considering other avenues for supporting great screenwriters, including launching a film fund to finance low-budget productions. He reflects on the movie-making business and on the numerous barriers to entry he may face in entering the competitive motion picture industry.
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