Harvard Case - AMC Networks Inc.: The Walking Dead Problem
"AMC Networks Inc.: The Walking Dead Problem" Harvard business case study is written by Ram Subramanian. It deals with the challenges in the field of Strategy. The case study is 10 page(s) long and it was first published on : Jan 25, 2019
At Fern Fort University, we recommend AMC Networks Inc. pursue a multi-pronged strategy to address the 'Walking Dead' problem and secure its future. This strategy involves a combination of digital transformation, content diversification, strategic partnerships, and aggressive cost management.
2. Background
AMC Networks Inc. is a leading entertainment company with a portfolio of popular cable channels, including AMC, BBC America, IFC, and SundanceTV. The company has enjoyed success with its flagship show 'The Walking Dead,' which was a major driver of revenue and viewership. However, the show's declining ratings and the increasing popularity of streaming services have presented a significant challenge for AMC Networks.
The case study focuses on the company's CEO, Josh Sapan, who must navigate this challenging landscape and determine the best course of action for AMC Networks' future.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand recognition and loyal fan base.
- Successful track record of producing high-quality original content.
- Experience in developing and managing cable channels.
- Strong relationships with content creators and distributors.
Weaknesses:
- Reliance on a few flagship shows, leading to vulnerability to declining ratings.
- Limited presence in the rapidly growing streaming market.
- Increasing competition from established and emerging streaming services.
- High dependence on cable subscriptions, which are declining.
Opportunities:
- Leverage existing content library for streaming platforms.
- Develop new original content for a wider audience.
- Expand into international markets through strategic partnerships.
- Explore new business models, such as subscription-based streaming services.
Threats:
- Continued decline in cable subscriptions.
- Increased competition from streaming giants like Netflix and Amazon Prime.
- Rising production costs and talent acquisition challenges.
- Technological advancements and consumer preferences shifting towards streaming.
Porter's Five Forces:
- Threat of new entrants: High, due to the low barriers to entry in the streaming market.
- Bargaining power of buyers: High, as consumers have numerous streaming options available.
- Bargaining power of suppliers: Moderate, as content creators have leverage but are also reliant on AMC Networks' platform.
- Threat of substitutes: High, as consumers can choose from a wide range of entertainment options.
- Rivalry among existing competitors: Intense, with established players like Netflix and Amazon Prime, and emerging players like Disney+ and HBO Max.
Value Chain Analysis:
AMC Networks' value chain is based on content creation, distribution, and marketing. The company's core competencies lie in its ability to develop high-quality original content and market it effectively. However, the changing media landscape requires AMC Networks to adapt its value chain to incorporate digital distribution and streaming platforms.
Business Model Innovation:
AMC Networks needs to explore new business models to thrive in the digital age. This could include:
- Subscription-based streaming services: Offering a direct-to-consumer streaming platform with exclusive content.
- Advertising-supported streaming: Implementing a freemium model with ad-supported content.
- Content licensing: Licensing its content to other streaming platforms to generate revenue.
- Strategic partnerships: Collaborating with other media companies to expand reach and content offerings.
Corporate Governance:
AMC Networks needs to ensure strong corporate governance to navigate the challenges ahead. This includes:
- Transparent and ethical leadership: Establishing clear ethical guidelines and promoting transparency in decision-making.
- Effective risk management: Implementing robust risk management strategies to mitigate potential threats.
- Strong financial controls: Maintaining sound financial practices and ensuring responsible financial management.
4. Recommendations
1. Digital Transformation:
- Accelerate streaming platform development: Invest in building a robust streaming platform with a user-friendly interface and a diverse content library.
- Develop original content for streaming: Create new content specifically tailored for streaming audiences, focusing on diverse genres and formats.
- Embrace new technologies: Explore emerging technologies like AI and machine learning for content recommendation, personalized user experiences, and data-driven decision making.
- Expand digital marketing efforts: Utilize social media, targeted advertising, and influencer marketing to reach new audiences and promote streaming content.
2. Content Diversification:
- Expand beyond flagship shows: Develop new shows and series across different genres to attract a wider audience and reduce reliance on a few flagship programs.
- Invest in high-quality programming: Focus on producing compelling and engaging content that resonates with viewers and differentiates AMC Networks from competitors.
- Explore international co-productions: Partner with international production companies to create content that appeals to global audiences.
- Leverage existing content library: Reimagine and repackage existing content for streaming platforms, including documentaries, behind-the-scenes features, and spin-offs.
3. Strategic Partnerships:
- Collaborate with streaming giants: Partner with established streaming platforms to distribute content and reach a larger audience.
- Form strategic alliances with content creators: Build relationships with independent filmmakers, producers, and studios to secure exclusive content rights.
- Explore joint ventures: Partner with other media companies to develop new content and expand into new markets.
- Leverage technology partnerships: Collaborate with technology companies to enhance streaming capabilities, improve user experience, and leverage data analytics.
4. Aggressive Cost Management:
- Optimize production costs: Implement cost-effective production strategies and negotiate favorable deals with talent and crew.
- Streamline operations: Identify and eliminate redundancies in operations and processes to reduce costs.
- Explore outsourcing opportunities: Outsource non-core functions to reduce overhead costs and focus on core competencies.
- Implement a data-driven approach to budgeting: Utilize data analytics to forecast revenue and expenses, and make informed decisions about resource allocation.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of AMC Networks' internal strengths and weaknesses, external opportunities and threats, and the evolving media landscape. They are aligned with the company's mission to deliver high-quality entertainment to a global audience.
Key Considerations:
- Core competencies and consistency with mission: The recommendations focus on leveraging AMC Networks' core competencies in content creation and marketing while adapting to the changing media landscape.
- External customers and internal clients: The recommendations prioritize meeting the needs of external customers (viewers) and internal clients (employees) by providing high-quality content and a positive work environment.
- Competitors: The recommendations aim to differentiate AMC Networks from competitors by focusing on content quality, innovation, and strategic partnerships.
- Attractiveness: The recommendations are expected to drive revenue growth, increase profitability, and enhance shareholder value.
Assumptions:
- The streaming market will continue to grow and become increasingly important for entertainment companies.
- Consumers will continue to demand high-quality and diverse content.
- Technological advancements will continue to shape the media landscape.
6. Conclusion
AMC Networks is at a critical juncture, facing significant challenges from declining cable subscriptions and the rise of streaming services. By embracing digital transformation, diversifying content, forging strategic partnerships, and managing costs aggressively, AMC Networks can navigate these challenges and secure a strong future in the evolving media landscape.
7. Discussion
Alternative Options:
- Selling the company: This option would provide immediate financial benefits but would result in the loss of control and potential brand dilution.
- Focusing solely on cable channels: This option would be risky given the continued decline in cable subscriptions.
- Doing nothing: This option would lead to further decline and eventually make it difficult for AMC Networks to compete.
Risks and Key Assumptions:
- Execution risk: Implementing the recommendations effectively requires strong leadership, commitment, and a culture of innovation.
- Market risk: The streaming market is highly competitive and evolving rapidly, making it difficult to predict future trends.
- Technological risk: Rapid technological advancements could make existing strategies obsolete.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and resource allocation for each recommendation.
- Establish key performance indicators (KPIs): Define measurable metrics to track progress and assess the effectiveness of the strategy.
- Communicate the strategy to stakeholders: Ensure transparency and alignment among employees, investors, and partners.
- Monitor and adapt: Continuously evaluate the effectiveness of the strategy and make adjustments as needed based on market trends and performance data.
By taking decisive action and embracing a strategic approach, AMC Networks can overcome the 'Walking Dead' problem and emerge as a thriving entertainment company in the digital age.
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Case Description
In August 2017, AMC Networks Inc. (AMCN), a New York City-based cable television provider, faced a lawsuit from the creative talent behind the hit show The Walking Dead. The lawsuit charged that AMCN used its vertical integration into content development to reduce the profits available for distribution to participants. For AMCN, which was originally a content distributor, expanding into content creation through its AMC Studios had several benefits. However, the industry was changing with the advent of online streaming services such as Netflix Inc., Hulu, and Amazon Prime, as well as an industry-wide shift among cable networks to offer proprietary content. These changes had an impact on the relationship between the business and the creative side of the industry. AMCN's chief executive officer had to decide how to respond to the lawsuit.
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