Harvard Case - Street League Skateboarding
"Street League Skateboarding" Harvard business case study is written by Robert F. Higgins, Christine Snively. It deals with the challenges in the field of Entrepreneurship. The case study is 17 page(s) long and it was first published on : May 16, 2017
At Fern Fort University, we recommend that Street League Skateboarding (SLS) pursue a strategic expansion strategy focused on globalization, diversification of revenue streams, and leveraging technology to further solidify its position as the leading skateboarding competition platform. This strategy will involve a combination of organic growth, strategic partnerships, and potential acquisitions to expand into new markets, develop new product lines, and enhance the fan experience.
2. Background
Street League Skateboarding, founded in 2010 by Rob Dyrdek, has rapidly become the premier skateboarding competition series, attracting top professional skaters and a global audience. The company?s success is rooted in its innovative format, high-quality production, and focus on showcasing the athleticism and artistry of skateboarding. However, SLS faces challenges in maintaining its growth trajectory and achieving long-term sustainability.
The case study focuses on the company?s decision-making process as it navigates various strategic options, including:
- Going public: This would provide SLS with access to significant capital for expansion but would also introduce new pressures and reporting requirements.
- Acquiring other skateboarding businesses: This could allow SLS to expand its reach and diversify its revenue streams but also presents challenges in integrating different cultures and operations.
- Developing new products and services: This could attract new audiences and create new revenue streams but requires significant investment in research and development.
The main protagonists of the case are Rob Dyrdek, the founder and CEO, and the company?s leadership team, who must weigh the risks and rewards of different strategic options while maintaining SLS?s core values and brand identity.
3. Analysis of the Case Study
This case study presents a compelling scenario for analyzing SLS?s strategic options through the lens of several frameworks:
- Porter?s Five Forces: This framework helps assess the competitive landscape and identifies opportunities for SLS to leverage its strengths. The skateboarding industry is characterized by a high threat of new entrants due to low barriers to entry, a strong bargaining power of buyers due to the availability of alternative competitions, and a moderate threat of substitutes due to the unique nature of skateboarding.
- SWOT Analysis: This framework highlights SLS?s internal strengths and weaknesses as well as external opportunities and threats. SLS?s strengths include its established brand, strong relationships with top skaters, and innovative competition format. However, the company faces challenges in terms of limited international reach, dependence on sponsorships, and potential competition from other skateboarding organizations.
- Business Model Canvas: This framework provides a structured approach to analyzing SLS?s current business model and identifying areas for improvement. The canvas highlights the company?s value proposition, customer segments, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure.
4. Recommendations
To achieve sustainable growth and solidify its market leadership, SLS should implement the following strategic recommendations:
1. Global Expansion:
- Strategic Partnerships: Partner with local skateboarding organizations and promoters in key international markets (e.g., Europe, Asia, South America) to organize regional competitions and build brand awareness.
- Localized Content: Develop localized versions of its content (e.g., website, social media) to cater to different cultural preferences and language barriers.
- International Talent: Recruit top skaters from diverse global regions to enhance the diversity and appeal of the competition.
2. Diversification of Revenue Streams:
- Digital Content Platform: Develop a subscription-based digital platform offering exclusive content, behind-the-scenes footage, and interactive features to engage fans.
- Merchandise Expansion: Expand the range of SLS merchandise beyond apparel and accessories to include skateboarding equipment, lifestyle products, and limited-edition collectibles.
- Sponsorship and Licensing: Explore new sponsorship and licensing opportunities with brands outside the skateboarding industry to reach a broader audience.
3. Technology and Analytics:
- Data-Driven Insights: Implement a robust data analytics system to track fan engagement, competition performance, and market trends to inform strategic decision-making.
- Interactive Fan Experience: Develop mobile applications and interactive features to enhance the fan experience, provide real-time updates, and foster community engagement.
- E-commerce Optimization: Optimize the online store to improve user experience, enhance product discovery, and streamline the purchase process.
4. Strategic Acquisitions:
- Skateboarding Media Companies: Acquire established skateboarding media companies (e.g., online magazines, video platforms) to expand content distribution and reach a broader audience.
- Skateboarding Equipment Brands: Consider acquiring or partnering with skateboarding equipment brands to create a vertical integration model and control the supply chain.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with SLS?s core competencies in organizing high-quality skateboarding competitions and engaging with a passionate fanbase. They also support the company?s mission to promote skateboarding as a sport and culture.
- External Customers and Internal Clients: The recommendations aim to attract new customers and expand the reach of SLS?s content while also providing valuable insights and tools for internal clients, including skaters, sponsors, and partners.
- Competitors: The recommendations address the threat of new entrants and substitutes by creating a more robust and diversified business model. They also leverage SLS?s existing strengths to differentiate the company from competitors.
- Attractiveness ? Quantitative Measures: The recommendations are expected to generate positive returns on investment through increased revenue, improved fan engagement, and enhanced brand value. While quantifying these returns requires further analysis, the potential for growth is significant.
6. Conclusion
Street League Skateboarding has the potential to become a global leader in the skateboarding industry by embracing a strategic expansion strategy focused on globalization, diversification, and technology. By implementing the recommendations outlined above, SLS can solidify its position as the premier skateboarding competition platform, attract new audiences, and achieve long-term sustainability.
7. Discussion
Other alternatives not selected include:
- Going public: While this would provide access to significant capital, it would also introduce new pressures and reporting requirements that could hinder SLS?s entrepreneurial spirit and agility.
- Focusing solely on organic growth: This approach could be slower and less impactful than a more aggressive expansion strategy, especially in a competitive market.
Key assumptions underlying these recommendations include:
- Continued growth of the skateboarding industry: The recommendations are based on the assumption that the skateboarding industry will continue to grow and attract new audiences.
- Successful implementation of the recommendations: The success of these recommendations depends on the company?s ability to effectively execute its strategy and overcome potential challenges.
8. Next Steps
To implement these recommendations, SLS should:
- Develop a detailed strategic plan: This plan should outline specific goals, timelines, and resource requirements for each recommendation.
- Assemble a cross-functional team: This team should include representatives from marketing, operations, finance, and technology to ensure a coordinated and comprehensive approach.
- Secure funding: The company should explore various funding options, including venture capital, private equity, and debt financing, to support its expansion efforts.
- Monitor progress and make adjustments: SLS should regularly monitor the progress of its initiatives and make adjustments as needed to ensure alignment with strategic goals.
By taking these steps, SLS can position itself for continued success and solidify its place as a global leader in the skateboarding industry.
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Case Description
In 2013, Street League Skateboarding, a professional skateboarding league founded in 2010, just concluded its annual Street League World Tour. The growing action sports property had purchased time on ESPN2 to air its events, and though ESPN was the most-watched sports television network in the U.S., Street League President Brian Atlas had become impatient with the network's lack of support. Atlas planned to meet with network representatives in the coming months to discuss their 2014 contract, but was recently approached by FOX Sports, which had just launched the new FOX Sports 1 cable television network and was working to sign sports properties. Atlas considered Street League's relationship with ESPN, the league's finances, and attempts to raise capital. For a new action sports property such as Street League, what business model made the most sense?
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