Harvard Case - The Second City: the Future of 'Yes, and...'
"The Second City: the Future of 'Yes, and...'" Harvard business case study is written by Francesca Gino, Jeff Huizinga. It deals with the challenges in the field of General Management. The case study is 19 page(s) long and it was first published on : Jul 17, 2020
At Fern Fort University, we recommend that The Second City embrace a strategic transformation focused on leveraging its core strengths in improvisation and creative storytelling to navigate the evolving entertainment landscape. This includes a multi-pronged approach encompassing digital expansion, new revenue streams, and a renewed emphasis on diversity and inclusion.
2. Background
The Second City, a renowned improvisational comedy institution, faces a pivotal moment. While its legacy in live performance is undeniable, the rise of streaming services and changing audience preferences pose significant challenges. The case study highlights the company's struggle to maintain relevance, adapt to digital platforms, and attract a wider demographic.
The key protagonists are:
- Kelly Leonard: Artistic Director, championing the traditional improv format and seeking to maintain The Second City's core identity.
- Andrew Alexander: CEO, pushing for digital expansion and new revenue streams to ensure the company's long-term viability.
- The Board: Navigating the competing visions of Leonard and Alexander, seeking to balance artistic integrity with financial sustainability.
3. Analysis of the Case Study
To analyze The Second City's situation, we can utilize a combination of frameworks:
SWOT Analysis:
- Strengths: Strong brand recognition, established talent pool, unique improvisational format, strong educational program.
- Weaknesses: Limited digital presence, reliance on live performance, potential for audience decline, limited diversity in talent and programming.
- Opportunities: Expanding into digital platforms, creating new content formats, diversifying revenue streams, leveraging social media for audience engagement.
- Threats: Competition from established streaming services, changing audience preferences, potential for talent drain, economic downturn.
Porter's Five Forces:
- Threat of New Entrants: High, as digital platforms lower barriers to entry for new content creators.
- Bargaining Power of Buyers: Moderate, as audiences have diverse choices but value The Second City's unique brand.
- Threat of Substitutes: High, as various entertainment options exist, including stand-up comedy, scripted shows, and online content.
- Bargaining Power of Suppliers: Low, as The Second City can leverage its reputation to attract talent.
- Rivalry Among Existing Competitors: High, as the entertainment industry is fiercely competitive, with established players and emerging startups.
Strategic Planning: The Second City needs to develop a clear strategic plan outlining its vision, mission, and key objectives. This should consider:
- Vision: To become a leading force in comedic entertainment, leveraging improvisation and storytelling across diverse platforms.
- Mission: To create innovative, engaging, and inclusive comedic experiences that inspire, entertain, and empower audiences globally.
- Objectives: Expand digital reach, diversify revenue streams, cultivate a diverse and inclusive talent pool, foster a culture of innovation and adaptation.
4. Recommendations
To achieve its strategic objectives, The Second City should implement the following recommendations:
1. Digital Transformation:
- Develop a comprehensive digital strategy: Invest in building a robust online presence, including a high-quality website, social media channels, and a dedicated streaming platform.
- Create original digital content: Produce short-form videos, podcasts, and online courses featuring improvisational techniques, comedic storytelling, and behind-the-scenes content.
- Leverage existing digital platforms: Partner with streaming services like Netflix or Hulu to create exclusive content or offer access to The Second City archives.
2. Revenue Diversification:
- Expand corporate training programs: Offer workshops and seminars on improvisation, communication, and leadership skills to businesses and organizations.
- Develop merchandise and licensing opportunities: Create branded merchandise, including apparel, accessories, and home goods, and license The Second City's intellectual property for use in other media.
- Explore partnerships with other entertainment companies: Collaborate with film studios, television networks, or video game developers to create new content or leverage existing properties.
3. Diversity and Inclusion:
- Cultivate a more diverse talent pool: Implement proactive hiring and recruitment strategies to attract performers, writers, and directors from underrepresented backgrounds.
- Develop inclusive programming: Create shows and workshops that reflect the diversity of its audience, featuring characters and storylines that resonate with a wider range of experiences.
- Foster a culture of inclusivity: Implement training programs and policies to ensure a welcoming and supportive environment for all employees and performers.
5. Basis of Recommendations
These recommendations align with The Second City's core competencies and mission by:
- Leveraging Improvisation: Embracing the power of improvisation as a core strength, extending it beyond live performance to digital platforms and new content formats.
- Creative Storytelling: Continuing to create compelling and engaging stories, adapting them to diverse formats and audiences.
- Community Engagement: Building a stronger connection with audiences through online platforms, interactive content, and diverse programming.
These recommendations also consider:
- External Customers: Catering to a broader audience by offering diverse content and platforms, including those who may not be able to attend live performances.
- Internal Clients: Empowering employees and performers by providing opportunities for growth, development, and creative expression.
- Competitors: Staying ahead of the curve by embracing digital innovation, diversifying revenue streams, and fostering a culture of continuous improvement.
The attractiveness of these recommendations can be measured through:
- Increased Brand Awareness: Expanding digital reach and creating engaging content will increase brand recognition and attract new audiences.
- Revenue Growth: Diversifying revenue streams will create new sources of income and reduce reliance on live performance.
- Talent Retention: Creating a more inclusive and supportive environment will attract and retain top talent.
6. Conclusion
The Second City has a unique opportunity to leverage its legacy and core strengths to thrive in the evolving entertainment landscape. By embracing digital transformation, diversifying revenue streams, and prioritizing diversity and inclusion, the company can ensure its continued success and relevance for generations to come.
7. Discussion
Other alternatives not selected include:
- Focusing solely on live performance: This would be a risky strategy, as it would limit The Second City's reach and potential for growth.
- Merging with another entertainment company: This could provide access to resources and expertise, but it could also compromise The Second City's unique identity.
Key assumptions of the recommendations include:
- Audience willingness to engage with digital content: The success of the digital strategy relies on audiences embracing online platforms and content formats.
- Ability to attract and retain diverse talent: The success of the diversity and inclusion initiatives depends on the company's ability to attract and retain a diverse workforce.
- Financial resources for implementation: The recommendations require significant investment in technology, content creation, and talent development.
8. Next Steps
The Second City should implement the recommendations in a phased approach, with key milestones:
- Year 1: Develop a comprehensive digital strategy, launch a dedicated streaming platform, and create a pilot program for corporate training.
- Year 2: Expand digital content creation, launch a merchandise line, and implement diversity and inclusion initiatives.
- Year 3: Evaluate the effectiveness of the strategies, refine the approach based on data and feedback, and explore new partnerships and revenue streams.
By taking these steps, The Second City can secure its future as a leading force in comedic entertainment, ensuring that the legacy of 'Yes, and'' continues to inspire and entertain audiences for years to come.
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Case Description
Leaders from The Second City, the legendary Improv comedy company, reflect on its broad portfolio of activities through the lens of future opportunities and growth. In particular, they discuss ways in which Second City can further invest in its professional arm, Second City Works, and help workplaces embrace some of the main ideas of improv comedy to improve conversations, presence and collaboration.
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