Harvard Case - The Metropolitan Opera (A)
"The Metropolitan Opera (A)" Harvard business case study is written by Anita Elberse, Crissy Perez. It deals with the challenges in the field of Marketing. The case study is 18 page(s) long and it was first published on : Dec 31, 2008
At Fern Fort University, we recommend the Metropolitan Opera (Met) adopt a multi-pronged strategy to address its declining audience and financial challenges. This strategy will focus on: 1) Revitalizing the core product by enhancing the opera experience and leveraging technology for greater accessibility. 2) Expanding reach and engagement through targeted marketing initiatives and strategic partnerships. 3) Cultivating a new generation of opera enthusiasts by implementing innovative programs and fostering a sense of community.
2. Background
The Metropolitan Opera, a renowned institution in the world of opera, faces a declining audience and financial challenges. The case study highlights the Met's struggles to attract younger audiences, compete with other entertainment options, and address the changing consumer behavior. The main protagonist is Peter Gelb, the General Manager of the Met, who is tasked with finding solutions to these challenges.
3. Analysis of the Case Study
To analyze the Met's situation, we can utilize a combination of frameworks:
a) SWOT Analysis:
- Strengths: World-class performers, iconic venue, rich history and legacy, brand recognition, strong donor base.
- Weaknesses: High ticket prices, perceived elitism, lack of diversity, limited accessibility, outdated marketing strategies, dependence on traditional media.
- Opportunities: Growing global interest in opera, digital technology advancements, potential for new revenue streams, untapped markets, potential for partnerships.
- Threats: Competition from other entertainment options, economic downturn, changing consumer preferences, technological disruption, talent retention.
b) PESTEL Analysis:
- Political: Government funding for the arts, cultural policies.
- Economic: Economic recession, disposable income of target audience, inflation.
- Social: Changing demographics, cultural trends, consumer preferences, social media influence.
- Technological: Digital streaming platforms, virtual reality experiences, AI-powered personalization.
- Environmental: Sustainability concerns, environmental regulations.
- Legal: Copyright laws, labor regulations, accessibility regulations.
c) Porter's Five Forces:
- Threat of New Entrants: Low, due to high barriers to entry in the opera industry.
- Bargaining Power of Buyers: High, due to the availability of alternative entertainment options and the price sensitivity of some segments.
- Bargaining Power of Suppliers: Moderate, as the Met relies on a limited pool of talented performers and staff.
- Threat of Substitute Products: High, due to the availability of other forms of entertainment, including movies, concerts, and theater.
- Rivalry Among Existing Competitors: Moderate, with competition from regional opera companies and other performing arts organizations.
d) Consumer Behavior Analysis:
- Target Market Segmentation: The Met's target market can be segmented based on demographics, psychographics, and behavioral factors. This includes:
- Traditional Opera Goers: Older, affluent, educated, with a strong appreciation for classical music.
- New Opera Enthusiasts: Younger, diverse, tech-savvy, seeking unique and engaging experiences.
- Casual Opera Attendees: Curious about opera, but not necessarily regular attendees.
- Consumer Needs and Wants: The Met needs to understand the needs and wants of each segment to tailor its offerings and marketing messages. This includes:
- Accessibility: Affordability, convenient locations, online streaming options.
- Engagement: Interactive experiences, educational programs, social media integration.
- Relevance: Contemporary themes, diverse performers, innovative productions.
4. Recommendations
Based on the analysis, the Met should implement the following recommendations:
1. Revitalizing the Core Product:
- Enhance the Opera Experience: Invest in innovative productions, improve the acoustics and comfort of the venue, offer pre-show events and interactive experiences, incorporate technology to enhance the audience's understanding and engagement.
- Leverage Technology for Accessibility: Expand online streaming services, offer high-quality recordings on demand, provide interactive subtitles and translations, develop virtual reality experiences to bring opera to life.
- Implement a Dynamic Pricing Strategy: Offer flexible pricing options to cater to different segments, including discounts for students, young professionals, and families.
2. Expanding Reach and Engagement:
- Targeted Marketing Initiatives: Develop a comprehensive marketing strategy that targets different segments with tailored messages. Utilize digital marketing channels, including social media, search engine optimization (SEO), and targeted advertising.
- Strategic Partnerships: Collaborate with other cultural institutions, educational organizations, and community groups to reach new audiences. Partner with technology companies to develop innovative experiences.
- Build a Strong Online Presence: Create a user-friendly website with comprehensive information about performances, artists, and events. Leverage social media platforms to engage with audiences and build a community.
3. Cultivating a New Generation of Opera Enthusiasts:
- Innovative Programs: Develop educational programs and workshops for young people, offer interactive experiences that make opera accessible and engaging, create opportunities for aspiring performers.
- Foster a Sense of Community: Organize events and activities that connect opera lovers, create online forums for discussion and engagement, encourage social sharing and user-generated content.
- Embrace Diversity and Inclusion: Promote a diverse range of performers and productions, ensure accessibility for people with disabilities, create a welcoming and inclusive environment for all.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the Met's mission to provide world-class opera experiences and preserve the art form. They leverage the Met's strengths, such as its renowned performers and iconic venue, while addressing its weaknesses, such as its lack of accessibility and outdated marketing strategies.
- External Customers and Internal Clients: The recommendations consider the needs and wants of different customer segments, including traditional opera goers, new opera enthusiasts, and casual attendees. They also address the concerns of internal clients, such as performers, staff, and donors.
- Competitors: The recommendations aim to differentiate the Met from its competitors by offering unique and engaging experiences, leveraging technology, and expanding its reach.
- Attractiveness: The recommendations are expected to increase audience engagement, generate new revenue streams, and enhance the Met's brand equity.
6. Conclusion
By implementing these recommendations, the Metropolitan Opera can revitalize its core product, expand its reach and engagement, and cultivate a new generation of opera enthusiasts. This will ensure the Met's continued success and relevance in the 21st century.
7. Discussion
- Alternatives: Other alternatives include focusing solely on traditional opera goers, reducing ticket prices, or merging with another opera company. However, these options are less likely to address the Met's core challenges and may not be sustainable in the long term.
- Risks: The recommendations involve some risks, such as the cost of implementing new technologies, the potential for resistance from traditional audiences, and the possibility of not achieving the desired results.
- Key Assumptions: The recommendations assume that the Met is willing to invest in innovation, that the public is receptive to new approaches to opera, and that the Met can effectively manage its resources and partnerships.
8. Next Steps
The Met should:
- Develop a detailed implementation plan: This plan should outline specific actions, timelines, and budgets for each recommendation.
- Assemble a cross-functional team: This team should include representatives from marketing, operations, finance, and technology.
- Conduct market research: The Met should gather data on consumer preferences, competitor activities, and emerging trends.
- Pilot test new initiatives: The Met should pilot test new programs and technologies before rolling them out to a wider audience.
- Monitor progress and make adjustments: The Met should regularly monitor the effectiveness of its initiatives and make adjustments as needed.
By taking these steps, the Metropolitan Opera can ensure a successful future and continue to inspire audiences for generations to come.
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Case Description
In April 2007, the New York City Metropolitan Opera's general manager Peter Gelb looks back on the first season of a daring experiment to broadcast performances live in high-definition to movie theaters across North America. While the "Live in HD" program has received mostly positive reviews, there are lingering concerns. Do the benefits of the simulcasts continue to outweigh the possible drawbacks and the significant operational and financial resources?
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