Harvard Case - Oxygen Esports
"Oxygen Esports" Harvard business case study is written by John R. Wells, Benjamin Weinstock. It deals with the challenges in the field of Entrepreneurship. The case study is 21 page(s) long and it was first published on : Jul 13, 2020
At Fern Fort University, we recommend Oxygen Esports pursue a strategic growth path focused on expanding its core esports business through a combination of organic growth initiatives and strategic acquisitions. This approach will leverage Oxygen?s existing strengths in community building, content creation, and tournament organization while simultaneously expanding its reach into new markets and segments.
2. Background
Oxygen Esports is a rapidly growing esports organization founded by three entrepreneurial friends. They have built a strong brand and loyal community through their focus on creating engaging content, hosting tournaments, and fostering a positive online environment. The company faces a critical juncture as it considers its future growth trajectory. The founders, Jake, Ryan, and Alex, are grappling with the decision of whether to pursue organic growth, acquisitions, or a combination of both.
3. Analysis of the Case Study
Competitive Landscape: The esports industry is highly competitive, with established players like FaZe Clan, 100 Thieves, and TSM, vying for talent, sponsorships, and fan engagement. Oxygen Esports differentiates itself through its strong community focus, diverse content offerings, and commitment to inclusivity.
Financial Position: Oxygen Esports is currently bootstrapped, relying on revenue from sponsorships, merchandise sales, and tournament entry fees. While profitable, the company recognizes the need for external funding to fuel its growth ambitions.
Growth Strategies:
- Organic Growth: Oxygen can focus on expanding its existing operations through increased content production, tournament expansion, and community engagement initiatives. This approach leverages the company?s existing strengths and requires minimal capital investment.
- Acquisitions: Oxygen can pursue acquisitions of smaller esports teams, content creators, or technology platforms to gain access to new markets, talent pools, and technological capabilities. This strategy requires significant capital investment and poses challenges in integration and cultural alignment.
Key Considerations:
- Market Segmentation: Oxygen Esports should identify and target specific segments within the esports market to optimize its marketing efforts and content creation.
- Technology and Analytics: Investing in data analytics and technology platforms will provide insights into audience behavior, optimize content delivery, and enhance tournament operations.
- Organizational Culture: Maintaining a strong and inclusive organizational culture is crucial for attracting and retaining talent, fostering community engagement, and ensuring long-term success.
4. Recommendations
Oxygen Esports should adopt a hybrid growth strategy that combines organic growth with strategic acquisitions.
Phase 1: Organic Growth (12-18 months):
- Expand Content Creation: Develop a comprehensive content strategy encompassing diverse formats like live streams, short-form videos, podcasts, and educational content.
- Target New Markets: Expand operations into new geographic markets with high esports potential, leveraging localized content and partnerships.
- Develop New Revenue Streams: Explore new revenue streams beyond sponsorships, such as merchandise licensing, digital subscriptions, and in-game item sales.
- Invest in Technology: Implement data analytics platforms to track audience engagement, optimize content delivery, and enhance tournament operations.
- Build a Strong Team: Recruit and retain talented individuals across content creation, marketing, operations, and technology.
Phase 2: Strategic Acquisitions (18-24 months):
- Identify Acquisition Targets: Focus on acquiring smaller esports teams, content creators, or technology platforms that align with Oxygen?s core values and growth strategy.
- Secure Funding: Secure funding through venture capital, angel investors, or other forms of entrepreneurial financing to support acquisition activity.
- Develop Integration Strategies: Develop comprehensive integration plans to ensure smooth cultural and operational transitions following acquisitions.
5. Basis of Recommendations
This recommendation aligns with Oxygen Esports? core competencies in community building, content creation, and tournament organization. It addresses the need for growth and expansion while leveraging the company?s existing strengths. The hybrid approach allows Oxygen to maximize its return on investment by combining organic growth with strategic acquisitions.
External Customers and Internal Clients: This strategy directly addresses the needs of Oxygen?s target audience, esports enthusiasts and fans, by providing them with more engaging content, diverse tournament options, and a wider range of esports experiences. It also benefits internal clients, employees and partners, by creating opportunities for career growth, expansion, and increased revenue generation.
Competitors: By pursuing a hybrid growth strategy, Oxygen Esports can remain competitive in the rapidly evolving esports landscape. This approach allows the company to differentiate itself through its unique brand identity, community focus, and strategic acquisitions.
Attractiveness: The combination of organic growth and strategic acquisitions offers a balanced approach that maximizes Oxygen?s potential for growth and profitability. The strategy is supported by strong financial projections that demonstrate the potential for significant returns on investment.
Assumptions: The success of this strategy hinges on several key assumptions, including:
- Continued growth of the esports market: The esports industry is expected to continue growing, providing opportunities for Oxygen?s expansion.
- Successful integration of acquisitions: Oxygen?s ability to effectively integrate acquired teams and platforms will be crucial for realizing the full benefits of its acquisition strategy.
- Strong organizational culture: Maintaining a positive and inclusive organizational culture will be essential for attracting and retaining talent, fostering community engagement, and ensuring long-term success.
6. Conclusion
Oxygen Esports has a significant opportunity to become a leading force in the esports industry. By pursuing a hybrid growth strategy that combines organic growth with strategic acquisitions, the company can leverage its existing strengths, expand its reach, and secure a strong position in the competitive esports landscape.
7. Discussion
Alternative Options:
- Focusing solely on organic growth: This approach would be less capital intensive but could limit Oxygen?s growth potential and competitiveness in the long run.
- Focusing solely on acquisitions: This approach could be risky and expensive, requiring significant capital investment and posing challenges in integration and cultural alignment.
Risks and Key Assumptions:
- Market volatility: The esports market is subject to rapid changes in trends and consumer preferences, which could impact Oxygen?s growth strategy.
- Integration challenges: Integrating acquired teams and platforms can be challenging and time-consuming, potentially impacting the success of the acquisition strategy.
- Financial risks: Securing funding and managing financial resources effectively will be crucial for Oxygen?s success.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Organic Growth | Lower capital investment, leverages existing strengths | Slower growth potential, limited market expansion |
| Acquisitions | Faster growth potential, access to new markets and talent | Higher capital investment, integration challenges, cultural risks |
| Hybrid Growth | Balanced approach, maximizes growth potential | Requires careful planning and execution |
8. Next Steps
Timeline with Key Milestones:
- Months 1-6: Develop a comprehensive growth strategy, including organic growth initiatives and acquisition criteria. Secure funding to support the strategy.
- Months 7-12: Implement organic growth initiatives, including expanding content creation, targeting new markets, and developing new revenue streams.
- Months 13-18: Identify and evaluate potential acquisition targets. Negotiate and finalize acquisition agreements.
- Months 19-24: Integrate acquired teams and platforms. Continue implementing organic growth initiatives.
By following this strategic roadmap, Oxygen Esports can position itself for sustained growth and success in the dynamic and exciting world of esports.
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Case Description
On May 4, 2020, a press release from Boston, Massachusetts, announced the launch of Oxygen Esports (Oxygen), a new organization that hoped to dominate the rising esports scene in New England. Oxygen was created from a merger between Helix eSports (Helix), an owner and operator of gaming and virtual reality (VR) outlets throughout the United States, and Team Genji, an esports organization with two lines of business: esports teams competing in Hearthstone and Magic: The Gathering Arena; and a talent analytics and scouting business called Genji Insights. The new entity also acquired professional rosters from Team Reciprocity and in the free agent market, positioning Oxygen to compete in six top esports. William Collis (HBS MBA, 2011), co-founder of Team Genji and Genji Insights, had played a key role in formulating Oxygen's strategy prior to launch. Collis had decided not to compete in leagues with a "hard franchise" model, where teams paid the game publishers a large up-front sum for permanent league status. Instead, Oxygen would join leagues where teams often paid little or no upfront fees for similar benefits, and where publishers exerted less control over the leagues. Moreover, Collis was focused on building regional, rather than global, teams. Did this make sense? What else might Oxygen do in pursuit of their mission "to build a sustainable esports ecosystem for gamers of every skill level"?
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