Harvard Case - Out of Hand Theater: Monetizing Creativity
"Out of Hand Theater: Monetizing Creativity" Harvard business case study is written by Christina Wallace, Henry W. McGee, Rohit Deshpande, Max Hancock. It deals with the challenges in the field of General Management. The case study is 15 page(s) long and it was first published on : Mar 15, 2024
At Fern Fort University, we recommend Out of Hand Theater adopt a multifaceted approach to monetizing its creativity, encompassing a strategic shift towards a hybrid business model, leveraging technology and innovation to expand its reach, and prioritizing sustainable growth while maintaining its core values. This strategy will involve a combination of digital transformation, strategic partnerships, and innovative fundraising initiatives.
2. Background
Out of Hand Theater is a non-profit organization dedicated to producing high-quality, accessible theater for diverse audiences. The organization faces the challenge of balancing its artistic mission with the need for financial sustainability. The case study highlights the organization's struggle to expand its reach and generate revenue beyond traditional ticket sales. The main protagonists are the organization's leadership, grappling with the need to adapt to changing audience preferences and the increasing competition for funding.
3. Analysis of the Case Study
Strategic Analysis:
SWOT Analysis:
- Strengths: Strong artistic reputation, dedicated staff and volunteers, community engagement.
- Weaknesses: Limited funding, reliance on ticket sales, lack of digital presence.
- Opportunities: Growing demand for accessible arts, potential for online content creation, partnerships with corporations and educational institutions.
- Threats: Competition from other arts organizations, economic downturn, changing audience preferences.
Porter's Five Forces:
- Threat of New Entrants: Moderate, as barriers to entry in the performing arts industry are relatively low.
- Bargaining Power of Buyers: High, as audiences have multiple entertainment options.
- Bargaining Power of Suppliers: Low, as the organization relies on a diverse pool of artists and suppliers.
- Threat of Substitutes: High, as audiences can choose other forms of entertainment.
- Competitive Rivalry: High, as the arts industry is highly competitive.
Financial Analysis:
- Out of Hand Theater's financial model heavily relies on ticket sales, leaving it vulnerable to fluctuations in audience attendance.
- The organization lacks a robust fundraising strategy, relying primarily on grants and donations.
- The case study highlights the need for diversification of revenue streams.
Marketing Analysis:
- Out of Hand Theater has a limited online presence and relies primarily on traditional marketing channels.
- The organization needs to adapt to changing consumer behavior and leverage digital marketing strategies to reach a wider audience.
- Building a strong brand identity and engaging with audiences through social media platforms is crucial.
Operational Analysis:
- The organization's operations are primarily focused on live performances, limiting its reach and potential for revenue generation.
- Out of Hand Theater needs to explore new avenues for content creation and distribution, such as online streaming and digital content development.
- Implementing efficient resource management and streamlining operations will be crucial for long-term sustainability.
4. Recommendations
1. Hybrid Business Model:
- Adopt a hybrid business model: Combine traditional ticket sales with online content creation and distribution, offering both live performances and digital experiences.
- Develop a tiered subscription model: Offer different levels of membership with varying benefits, including exclusive content, early access to tickets, and behind-the-scenes experiences.
- Expand into educational programs: Offer workshops, masterclasses, and educational outreach programs to generate revenue and engage with a wider audience.
2. Digital Transformation:
- Invest in a robust digital infrastructure: Develop a user-friendly website, mobile app, and social media presence.
- Create high-quality online content: Produce short films, documentaries, behind-the-scenes footage, and other digital content to engage audiences online.
- Leverage data analytics: Track audience engagement, analyze performance metrics, and use data-driven insights to inform content creation and marketing strategies.
3. Strategic Partnerships:
- Form strategic partnerships with corporations and educational institutions: Collaborate on joint productions, sponsorships, and educational outreach programs.
- Explore partnerships with other arts organizations: Collaborate on cross-promotional events, joint fundraising initiatives, and shared resources.
- Seek partnerships with technology companies: Utilize technology to enhance the audience experience, improve operational efficiency, and expand reach.
4. Innovative Fundraising Initiatives:
- Develop a comprehensive fundraising strategy: Diversify revenue streams beyond traditional grants and donations.
- Explore crowdfunding platforms: Utilize platforms like Kickstarter and Patreon to engage with audiences and raise funds.
- Host fundraising events: Organize galas, auctions, and other events to generate revenue and raise awareness.
5. Basis of Recommendations
These recommendations address the core competencies and mission of Out of Hand Theater by leveraging its artistic talent and community engagement while expanding its reach and diversifying its revenue streams. The recommendations also consider the needs of both external customers and internal clients, addressing audience preferences and providing opportunities for staff and artists. By embracing digital transformation, strategic partnerships, and innovative fundraising initiatives, Out of Hand Theater can gain a competitive advantage, attract new audiences, and achieve long-term sustainability.
6. Conclusion
Out of Hand Theater has the potential to thrive in the evolving arts landscape by embracing a hybrid business model, leveraging technology and innovation, and prioritizing strategic partnerships. By implementing these recommendations, the organization can ensure its financial sustainability while maintaining its artistic integrity and commitment to community engagement.
7. Discussion
Alternatives:
- Focusing solely on traditional ticket sales: This option carries significant risk, as it leaves the organization vulnerable to economic downturns and changing audience preferences.
- Merging with another arts organization: This option could provide financial stability, but it risks losing the organization's unique identity and artistic vision.
Risks and Key Assumptions:
- Assumption: The organization can successfully develop and distribute high-quality online content.
- Risk: Difficulty attracting and retaining a digital audience.
- Assumption: Strategic partnerships can be secured and will be mutually beneficial.
- Risk: Lack of commitment or resources from partners.
Options Grid:
| Option | Strengths | Weaknesses | Risks |
|---|---|---|---|
| Hybrid Business Model | Diversified revenue streams, expanded reach | Requires significant investment, potential for technical challenges | Difficulty attracting a digital audience |
| Digital Transformation | Increased reach, improved efficiency | Requires technical expertise, potential for high costs | Difficulty keeping pace with evolving technology |
| Strategic Partnerships | Access to resources, expanded audience | Requires careful negotiation, potential for conflicts of interest | Lack of commitment or resources from partners |
| Innovative Fundraising Initiatives | Diversified revenue streams, increased community engagement | Requires significant effort, potential for limited success | Difficulty attracting donors |
8. Next Steps
Timeline:
- Year 1: Develop a comprehensive strategic plan, invest in digital infrastructure, launch a pilot online content program, and explore strategic partnerships.
- Year 2: Expand online content offerings, implement a tiered subscription model, launch new fundraising initiatives, and evaluate the success of partnerships.
- Year 3: Refine the hybrid business model, expand educational programs, and build a sustainable financial foundation.
Key Milestones:
- Q1: Develop a strategic plan and secure funding for digital infrastructure.
- Q2: Launch a pilot online content program and begin exploring strategic partnerships.
- Q3: Implement a tiered subscription model and launch a crowdfunding campaign.
- Q4: Evaluate the success of the hybrid business model and refine the strategic plan.
By implementing these recommendations and adhering to the outlined timeline, Out of Hand Theater can position itself for long-term success, ensuring its artistic mission and financial sustainability in the evolving arts landscape.
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Case Description
Ariel Fristoe co-founded the Out of Hand Theater ensemble (OOH) in Atlanta in 2001. OOH began as a traditional theater nonprofit, which Ariel and her colleagues ran on a shoestring budget. But over the years, the group transformed: First, around 2010, OOH pivoted to science outreach. Then, around 2018, OOH shifted its focus to racial and economic justice, and staged a series of shows in Atlanta community members' private homes.
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