Harvard Case - The Asylum: Mocking Their Way Through Hollywood
"The Asylum: Mocking Their Way Through Hollywood" Harvard business case study is written by Bryan Hong, Stacey Clark, Charlotte Zhen. It deals with the challenges in the field of General Management. The case study is 10 page(s) long and it was first published on : Dec 18, 2015
At Fern Fort University, we recommend The Asylum adopt a strategic shift focusing on niche market specialization and digital content distribution to achieve sustainable growth and profitability. This strategy involves leveraging their existing strengths in low-budget filmmaking and embracing the evolving media landscape to establish a unique brand identity.
2. Background
The Asylum is a low-budget film production company known for creating 'mockbusters' - films that capitalize on the popularity of major releases by mimicking their titles and themes. While initially successful, The Asylum faces challenges due to declining DVD sales, increased competition, and evolving consumer preferences.
The case study focuses on the company's struggle to adapt to the changing media landscape and maintain profitability. The main protagonists are David Michael Latt, the founder and CEO, and his team, who are tasked with navigating the company's future amidst a rapidly evolving industry.
3. Analysis of the Case Study
To analyze The Asylum's situation, we can apply the SWOT framework and Porter's Five Forces model:
SWOT Analysis:
- Strengths:
- Low-budget production expertise: The Asylum has a proven track record of creating cost-effective films.
- Strong brand recognition: Despite criticism, The Asylum has established a recognizable brand associated with 'mockbusters.'
- Agile and adaptable: The company can quickly respond to market trends and produce films based on popular themes.
- Weaknesses:
- Limited distribution channels: Reliance on DVD sales has become unsustainable.
- Negative brand perception: Critics often view The Asylum's films as low quality.
- Lack of original content: The company primarily relies on mimicking existing films.
- Opportunities:
- Growing digital content market: Streaming services and online platforms offer new distribution avenues.
- Niche audience development: Focusing on specific genres or themes can attract loyal viewers.
- Direct-to-consumer marketing: Utilizing social media and online platforms can reach target audiences directly.
- Threats:
- Increased competition: The rise of independent filmmakers and streaming services intensifies competition.
- Changing consumer preferences: Consumers increasingly value high-quality content and original storytelling.
- Technological disruption: Shifting media consumption habits and emerging technologies pose challenges.
Porter's Five Forces:
- Threat of New Entrants: High - The low entry barrier for independent film production makes it easy for new competitors to emerge.
- Bargaining Power of Buyers: Moderate - Consumers have access to numerous streaming services and online platforms, offering them a wide range of choices.
- Bargaining Power of Suppliers: Low - The film industry is characterized by a large pool of suppliers, giving The Asylum leverage in negotiating costs.
- Threat of Substitute Products: High - Consumers can access alternative forms of entertainment, such as video games, music, and online content.
- Rivalry Among Existing Competitors: High - The film industry is fiercely competitive, with numerous players vying for audience attention.
4. Recommendations
To address The Asylum's challenges and capitalize on opportunities, we recommend the following:
Embrace Niche Market Specialization:
- Identify specific genres or themes that resonate with a dedicated audience, such as science fiction, horror, or action.
- Develop a unique brand identity within the chosen niche, differentiating The Asylum from generic low-budget filmmaking.
- Focus on producing high-quality films within the niche, prioritizing engaging storytelling and production value.
Transition to Digital Content Distribution:
- Leverage existing online platforms like YouTube, Vimeo, and Twitch to reach a wider audience.
- Explore partnerships with streaming services to secure distribution deals and gain access to a larger subscriber base.
- Develop a direct-to-consumer platform for selling films and merchandise, fostering a community of loyal fans.
Invest in Innovation and Original Content:
- Explore new technologies and filmmaking techniques to enhance production quality and storytelling.
- Develop original scripts and concepts that appeal to the chosen niche audience.
- Collaborate with talented filmmakers and actors to elevate the production value and artistic merit of films.
Enhance Marketing and Branding:
- Utilize social media and online platforms to engage with target audiences and promote films.
- Develop a strong brand identity that emphasizes the niche focus and differentiates The Asylum from competitors.
- Leverage marketing strategies that target specific demographics and interests within the chosen niche.
Foster a Culture of Innovation and Collaboration:
- Encourage creativity and experimentation within the team, fostering a culture of continuous improvement.
- Implement collaborative processes to leverage the skills and expertise of all team members.
- Provide opportunities for professional development and training to enhance the team's capabilities.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: By focusing on niche market specialization and digital content distribution, The Asylum can leverage its existing strengths in low-budget filmmaking while adapting to the evolving media landscape. This aligns with the company's mission to produce entertaining and accessible films.
- External customers and internal clients: The recommendations cater to the needs of both external customers (viewers) and internal clients (employees). By focusing on niche audiences and providing engaging content, The Asylum can attract and retain viewers. By fostering a culture of innovation and collaboration, the company can motivate and retain employees.
- Competitors: The recommendations differentiate The Asylum from competitors by emphasizing niche specialization, digital distribution, and original content. This allows the company to stand out in a crowded market and attract a loyal audience.
- Attractiveness ' quantitative measures: While quantifying the impact of these recommendations is challenging, they are expected to lead to increased revenue through digital distribution, expanded audience reach, and improved brand perception.
6. Conclusion
By embracing a strategic shift towards niche market specialization and digital content distribution, The Asylum can overcome its current challenges and achieve sustainable growth and profitability. This strategy leverages the company's existing strengths, adapts to the evolving media landscape, and establishes a unique brand identity that resonates with a dedicated audience.
7. Discussion
Alternative strategies include:
- Maintaining the current 'mockbuster' model: This approach risks further decline in profitability due to declining DVD sales and increased competition.
- Focusing solely on original content: This strategy requires significant investment and may not be feasible given The Asylum's current resources.
- Merging with a larger production company: This option could provide access to resources and distribution channels, but it also risks losing control over creative direction and brand identity.
Key assumptions:
- The digital content market will continue to grow and offer new opportunities for film distribution.
- Consumers are willing to pay for high-quality content, even within niche genres.
- The Asylum can successfully develop a strong brand identity and attract a loyal audience within its chosen niche.
8. Next Steps
To implement these recommendations, The Asylum should:
- Develop a strategic plan: Define the company's niche market, target audience, and digital distribution strategy.
- Allocate resources: Invest in talent, technology, and marketing to support the new strategy.
- Monitor progress: Track key performance indicators (KPIs) to measure the effectiveness of the strategy and make adjustments as needed.
- Build a strong team: Recruit and retain talented individuals who are passionate about filmmaking and innovation.
- Embrace change: Foster a culture of adaptability and continuous improvement to navigate the dynamic media landscape.
By taking these steps, The Asylum can position itself for success in the evolving film industry and secure a sustainable future.
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Case Description
The co-founder and chief executive officer of The Asylum, a movie production company headquartered in Burbank, California, must decide whether the company needs to explore other avenues for growth or change its current business model to boost profitability. The company has developed a unique imitation strategy to reduce the uncertainty of financial success in filmmaking - its "mockbuster" business model is to produce B-rated movies that use plotlines similar to that of major Hollywood films already in production and release them at the same time as or just before the comparable Hollywood film. It can thus take advantage of the large marketing and promotion campaigns that large film production studios employ to promote their films while producing a substantially cheaper (but somewhat similar) film. To date, all of these mockbusters have been profitable, but changes to property rights regulations and increased litigation cases may come to affect the bottom line. There are three options going forward: maintaining the status quo, focusing even more on producing mockbusters or shifting toward completely original film production. What should the company do to ensure future success?
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