Harvard Case - World Wrestling Entertainment, Inc.
"World Wrestling Entertainment, Inc." Harvard business case study is written by Anita Elberse, Melissa Rodman. It deals with the challenges in the field of Marketing. The case study is 26 page(s) long and it was first published on : Jan 10, 2019
At Fern Fort University, we recommend WWE focus on a multi-pronged strategy to revitalize its brand, expand its reach, and drive sustainable growth. This strategy involves leveraging digital platforms, diversifying revenue streams, and strategically targeting new markets while maintaining its core strengths.
2. Background
World Wrestling Entertainment (WWE) is a global entertainment company known for its professional wrestling events, television programming, and merchandise. The case study focuses on WWE's challenges in the late 2000s, including declining viewership, competition from other entertainment options, and a need to adapt to changing consumer preferences.
The main protagonists of the case are Vince McMahon, CEO of WWE, and his team tasked with reviving the company's fortunes. They face the challenge of navigating a dynamic media landscape, evolving fan expectations, and the need to maintain WWE's unique brand identity.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong Brand Recognition: WWE has a globally recognized brand with a loyal fanbase.
- Established Infrastructure: WWE has a well-developed production and distribution network.
- Diversified Revenue Streams: WWE generates revenue from multiple sources, including television rights, merchandise, and live events.
- Talent Pool: WWE boasts a roster of talented performers and creative personnel.
Weaknesses:
- Declining Viewership: Traditional television viewership has been declining, impacting WWE's key revenue stream.
- Competition from Other Entertainment Options: WWE faces competition from other forms of entertainment, including video games, streaming services, and social media.
- Aging Audience: WWE's core audience is aging, requiring the company to attract new demographics.
- Reliance on Traditional Media: WWE's reliance on traditional television broadcasting limits its reach to new audiences.
Opportunities:
- Digital Expansion: Leveraging digital platforms like streaming services and social media to reach new audiences.
- Global Market Growth: Expanding into emerging markets with a growing interest in wrestling.
- New Revenue Streams: Exploring new revenue sources through licensing, sponsorships, and content creation.
- Innovation in Storytelling: Experimenting with new storytelling formats and integrating technology to enhance the fan experience.
Threats:
- Economic Downturn: Economic downturns can impact consumer spending on entertainment.
- Competition from Other Wrestling Promotions: New wrestling promotions are emerging, challenging WWE's dominance.
- Regulatory Changes: Changes in media regulations could impact WWE's business model.
- Talent Retention: Attracting and retaining top talent is crucial for WWE's success.
PESTEL Analysis:
- Political: Political regulations and policies can affect WWE's operations, particularly in international markets.
- Economic: Economic conditions influence consumer spending on entertainment and impact WWE's revenue.
- Social: Changing social trends and demographics impact WWE's target audience and marketing strategies.
- Technological: Technological advancements offer opportunities for WWE to innovate and reach new audiences.
- Environmental: Environmental concerns can impact WWE's operations and supply chain.
- Legal: Legal regulations and intellectual property rights influence WWE's content creation and distribution.
Consumer Behavior Analysis:
- Shifting Media Consumption: Consumers are increasingly turning to digital platforms for entertainment.
- Demand for Interactive Experiences: Fans desire more interactive and personalized experiences.
- Growing Interest in Global Content: Consumers are interested in diverse and international content.
- Emphasis on Social Media: Social media plays a significant role in shaping fan engagement and brand perception.
Competitive Analysis:
- Direct Competitors: Other professional wrestling promotions like AEW and Impact Wrestling.
- Indirect Competitors: Other forms of entertainment, including sports, video games, and streaming services.
- Competitive Advantage: WWE's brand recognition, global reach, and established infrastructure provide a competitive edge.
Product Lifecycle Management:
- Maturity Stage: WWE's core product, professional wrestling, is in a mature stage, requiring innovation and diversification to maintain growth.
- Product Development: WWE needs to develop new products and services to attract new audiences and expand its revenue streams.
- Product Differentiation: WWE needs to differentiate its product offerings from competitors through unique storytelling, talent, and branding.
Value Proposition Development:
- Entertainment: WWE provides a unique form of entertainment that combines athleticism, storytelling, and spectacle.
- Community: WWE fosters a sense of community and belonging among its fans.
- Escapism: WWE offers an escape from everyday life and provides a platform for fans to connect with their favorite performers.
4. Recommendations
1. Digital Transformation:
- Streaming Platform: Launch a dedicated streaming service to offer exclusive content, live events, and on-demand programming.
- Social Media Engagement: Enhance social media presence by creating engaging content, interacting with fans, and leveraging influencer marketing.
- Digital Marketing: Utilize data-driven marketing strategies to target specific demographics and personalize marketing messages.
- E-commerce Expansion: Expand e-commerce capabilities to offer a wider range of merchandise, tickets, and digital content.
2. Diversification of Revenue Streams:
- Licensing and Partnerships: Explore licensing opportunities for WWE intellectual property in areas like video games, apparel, and consumer products.
- Content Creation: Develop new content formats, including documentaries, reality shows, and scripted series, to expand reach and attract new audiences.
- Global Expansion: Target emerging markets with a growing interest in wrestling, adapting content and marketing strategies to local cultures.
- Corporate Social Responsibility: Engage in initiatives promoting social good to enhance brand image and attract a broader audience.
3. Strategic Targeting of New Markets:
- Youth Audience: Develop new programming and storylines that appeal to younger demographics, incorporating elements of technology and social media.
- International Markets: Focus on expanding into emerging markets with a strong interest in wrestling, adapting content and marketing to local cultures.
- Women's Audience: Develop storylines and programming that resonate with women, showcasing female talent and addressing social issues.
- Diverse Audience: Embrace diversity and inclusion by featuring talent from various backgrounds and promoting social responsibility initiatives.
4. Brand Management and Innovation:
- Rebranding and Storytelling: Update WWE's brand identity to reflect changing consumer preferences and attract a wider audience.
- Innovation in Storytelling: Experiment with new storytelling formats and integrate technology to enhance the fan experience.
- Talent Development: Invest in developing new talent and providing opportunities for growth and advancement.
- Product Development: Develop new products and services to diversify revenue streams and attract new customers.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of WWE's strengths, weaknesses, opportunities, and threats. They consider the evolving media landscape, changing consumer preferences, and the need to attract new audiences while maintaining WWE's core brand identity.
Core Competencies and Consistency with Mission: The recommendations align with WWE's core competencies in entertainment, storytelling, and brand recognition. They also support WWE's mission to provide a unique form of entertainment and connect with fans worldwide.
External Customers and Internal Clients: The recommendations prioritize the needs of external customers, including fans, advertisers, and partners, while also addressing the concerns of internal clients, including performers, staff, and investors.
Competitors: The recommendations consider the competitive landscape and aim to differentiate WWE from its rivals through innovation, digital expansion, and strategic targeting of new markets.
Attractiveness - Quantitative Measures: The recommendations are expected to drive growth in revenue, viewership, and fan engagement, leading to improved profitability and shareholder value.
Assumptions:
- The recommendations assume that WWE can successfully adapt to the changing media landscape and leverage digital platforms to reach new audiences.
- It is assumed that WWE can develop innovative content and storytelling formats to attract and retain fans.
- The recommendations assume that WWE can successfully expand into new markets and adapt its products and services to local cultures.
6. Conclusion
WWE faces significant challenges in a rapidly evolving entertainment landscape. However, by embracing digital transformation, diversifying revenue streams, and strategically targeting new markets, WWE can revitalize its brand, expand its reach, and drive sustainable growth. By leveraging its strong brand recognition, established infrastructure, and talented performers, WWE can continue to entertain and engage fans worldwide.
7. Discussion
Alternatives:
- Maintaining the status quo: This option would likely lead to continued decline in viewership and revenue.
- Focusing solely on traditional media: This approach would limit WWE's reach to new audiences and fail to capitalize on digital opportunities.
- Overly aggressive expansion: Rapid expansion into new markets without proper planning could lead to financial strain and brand dilution.
Risks:
- Digital transformation failure: WWE may face challenges in adapting to the digital landscape and attracting new audiences.
- Competition from other wrestling promotions: WWE may face increased competition from new and established promotions.
- Economic downturn: An economic downturn could negatively impact consumer spending on entertainment.
Key Assumptions:
- The recommendations assume that WWE can successfully adapt to the changing media landscape and leverage digital platforms to reach new audiences.
- It is assumed that WWE can develop innovative content and storytelling formats to attract and retain fans.
- The recommendations assume that WWE can successfully expand into new markets and adapt its products and services to local cultures.
8. Next Steps
Timeline:
- Year 1: Launch streaming platform, enhance social media presence, and expand e-commerce capabilities.
- Year 2: Explore licensing opportunities, develop new content formats, and target emerging markets.
- Year 3: Rebrand and update storytelling formats, invest in talent development, and launch new products and services.
Key Milestones:
- Launch of streaming platform: Q1 2024
- Expansion into new markets: Q2 2024
- Rebranding and storytelling update: Q3 2025
- Launch of new products and services: Q4 2026
By implementing these recommendations, WWE can position itself for long-term success in the evolving entertainment landscape.
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Case Description
World Wrestling Entertainment, Inc. (WWE) develops and presents scripted hero-versus-villain storylines featuring its wrestlers at hundreds of live events, on several weekly television shows, on its own over-the-top streaming service, and on social media, to millions of fans around the globe. In January 2018, buoyed by the $800-million-dollar company's strong prospects for further growth, WWE's chief brand officer Stephanie McMahon and her husband, Paul 'Triple H' Levesque, a WWE wrestler who also serves as the company's executive vice president of talent, live events, and creative, are discussing whether to add Ronda Rousey, who has made a name for herself as a judoka at the Olympics and as a mixed martial artist in the Ultimate Fighting Championship (UFC), to WWE's roster. Should WWE try to sign Rousey, and, if so, what kind of offer makes the most sense? And is WWE well positioned for further success in the world of entertainment?
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