Harvard Case - Viki: By the Fans, for the Fans
"Viki: By the Fans, for the Fans" Harvard business case study is written by Mark Chong, Kevin Sproule. It deals with the challenges in the field of General Management. The case study is 17 page(s) long and it was first published on : Sep 12, 2012
At Fern Fort University, we recommend Viki adopt a multi-pronged strategic approach to solidify its position as the leading platform for global fandom. This strategy focuses on leveraging its unique community-driven model while expanding into new markets, embracing innovative technologies, and prioritizing corporate social responsibility to create a sustainable and impactful business.
2. Background
Viki is a global platform that connects fans with Korean dramas, movies, and variety shows, offering subtitles in multiple languages. Founded by a group of passionate fans, Viki has grown into a thriving community, driven by user-generated content and a strong sense of shared fandom. The case study highlights Viki's challenges in navigating rapid growth, managing its diverse user base, and adapting to evolving industry trends.
The main protagonists of the case are:
- Viki's founders: They are passionate about connecting fans globally and fostering a sense of community.
- Viki's users: A diverse global audience with varying needs and expectations.
- Viki's management team: They are tasked with navigating the company's growth and evolving its business model.
- Viki's content partners: Korean media companies that provide the content for the platform.
3. Analysis of the Case Study
Strategic Analysis:
SWOT Analysis:
- Strengths: Strong community, user-generated content, diverse language support, global reach, strong brand recognition among fans.
- Weaknesses: Dependence on Korean content, limited monetization options, potential for copyright issues, competition from established streaming services.
- Opportunities: Expanding into new markets, diversifying content offerings, leveraging technology for personalized experiences, developing new monetization models, strengthening partnerships with content creators.
- Threats: Piracy, competition from established players, changing consumer preferences, geopolitical issues impacting content availability.
Porter's Five Forces:
- Threat of new entrants: High, due to the ease of entry into the streaming market.
- Bargaining power of buyers: Moderate, as users have alternative streaming options.
- Bargaining power of suppliers: Moderate, as Viki relies on Korean content providers.
- Threat of substitute products: High, due to the availability of alternative streaming services and pirated content.
- Rivalry among existing competitors: High, as the streaming market is highly competitive.
Financial Analysis:
- Viki's revenue model relies heavily on advertising and subscription fees.
- Expanding into new markets requires significant investment in content acquisition, marketing, and technology.
- Viki needs to explore alternative revenue streams, such as merchandise, licensing, and partnerships.
Marketing Analysis:
- Viki's marketing strategy should focus on building brand loyalty and engaging with its global community.
- Leveraging social media platforms and online communities is crucial for promoting content and reaching new audiences.
- Targeted marketing campaigns based on user demographics and preferences can increase engagement and drive subscriptions.
Operational Analysis:
- Viki's operations need to be scalable and efficient to support its growing user base.
- Investing in technology and analytics is crucial for improving content recommendations, user experience, and content management.
- Viki needs to develop a robust content acquisition strategy to secure diverse and high-quality content.
Cultural Analysis:
- Viki's success is built on its strong community and user-generated content.
- Maintaining a positive and inclusive online environment is crucial for attracting and retaining users.
- Viki needs to be mindful of cultural differences and sensitivities when expanding into new markets.
4. Recommendations
1. Expand into new markets strategically:
- Identify target markets: Focus on regions with a strong affinity for Korean content and a growing demand for streaming services.
- Tailor content offerings: Adapt content to local preferences and language, and consider co-producing content with local partners.
- Develop localized marketing strategies: Utilize culturally relevant marketing channels and messages to resonate with new audiences.
2. Embrace innovation and technology:
- Invest in AI and machine learning: Enhance content recommendations, personalize user experiences, and improve content management.
- Develop interactive features: Encourage user engagement through live chat, polls, and other interactive elements.
- Explore new technologies: Utilize blockchain technology for secure content distribution and fan engagement.
3. Prioritize corporate social responsibility:
- Promote diversity and inclusion: Foster a welcoming and inclusive community for all users.
- Support sustainable practices: Implement eco-friendly initiatives throughout the company's operations.
- Engage in ethical business practices: Prioritize transparency, fairness, and respect for all stakeholders.
4. Strengthen partnerships and collaborations:
- Build stronger relationships with content providers: Secure exclusive content deals and collaborate on co-productions.
- Partner with local businesses and organizations: Expand reach and build brand awareness in new markets.
- Collaborate with other streaming platforms: Explore cross-promotional opportunities and content sharing.
5. Develop a robust monetization strategy:
- Expand subscription options: Offer tiered subscriptions with varying features and benefits.
- Explore alternative revenue streams: Monetize user-generated content, sell merchandise, and license content to other platforms.
- Optimize advertising revenue: Implement targeted advertising based on user demographics and preferences.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Viki's current situation, its strengths and weaknesses, and the opportunities and threats it faces. They consider the following:
- Core competencies and consistency with mission: The recommendations align with Viki's mission of connecting fans globally and fostering a sense of community.
- External customers and internal clients: The recommendations address the needs of Viki's diverse user base and ensure a positive experience for all stakeholders.
- Competitors: The recommendations aim to differentiate Viki from its competitors by leveraging its unique community-driven model and embracing innovation.
- Attractiveness ' quantitative measures: The recommendations are expected to lead to increased user engagement, revenue growth, and market share.
6. Conclusion
Viki has the potential to become the leading platform for global fandom by embracing a strategic approach that leverages its unique community-driven model, embraces innovation, and prioritizes corporate social responsibility. By implementing the recommendations outlined above, Viki can solidify its position in the market, attract new audiences, and build a sustainable and impactful business.
7. Discussion
Alternatives not selected:
- Focusing solely on organic growth: This approach would be slow and less effective in a highly competitive market.
- Merging with a larger streaming platform: This could limit Viki's autonomy and compromise its unique community-driven model.
Risks and key assumptions:
- Competition from established players: Viki needs to differentiate itself from established streaming services to attract and retain users.
- Changing consumer preferences: Viki needs to adapt to evolving consumer preferences and embrace new technologies to remain relevant.
- Content availability: Viki relies on Korean content providers and needs to secure diverse and high-quality content to attract a global audience.
8. Next Steps
Timeline with key milestones:
- Year 1: Implement new market expansion strategy, launch localized marketing campaigns, and invest in technology and analytics.
- Year 2: Develop new monetization models, strengthen partnerships with content providers, and prioritize corporate social responsibility initiatives.
- Year 3: Evaluate the effectiveness of implemented strategies, refine the business model, and continue to innovate and adapt to changing market dynamics.
By taking these steps, Viki can solidify its position as the leading platform for global fandom and achieve long-term success in the competitive streaming market.
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Case Description
Viki is a web portal that provides video content with crowdsourced multi-lingual subtitles. It relies on an active community of fans to add captions and subtitles in numerous languages to premium videos (movies, television shows) from around the world - thus opening up new markets and enabling new viewers to enjoy the content. Leveraging crowd-sourced subtitling enables Viki to distribute non- English, non-US television content to foreign markets quickly and cheaply. The case begins as Nadine Yap, vice president at Viki, prepares for a major redesign of the website to meet the requirements of the growing company. She laments that when the company fixes bugs or makes improvements, community members often complain and even leave. The community of fans and 'subbers' is at the heart of what Viki does, so staying authentic is crucial to the company's sustainability. How should Yap and Viki go about maintaining the delicate balance between being an authentic site that is supported by an informal community and a slick, commercial operation?
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