Harvard Case - Time Out: A New Global Strategy to Bring Back Profit
"Time Out: A New Global Strategy to Bring Back Profit" Harvard business case study is written by Christopher Williams, Umair Shafique. It deals with the challenges in the field of Strategy. The case study is 14 page(s) long and it was first published on : Apr 28, 2017
At Fern Fort University, we recommend Time Out implement a multi-pronged global strategy focused on digital transformation, strategic alliances, and market expansion to revitalize its business and secure long-term profitability. This strategy will leverage Time Out's core competencies in content creation, community building, and event organization while adapting to the evolving media landscape and harnessing the power of technology.
2. Background
Time Out, a global media and entertainment company, is facing a decline in profitability due to the rise of digital media and competition from online platforms. The company's traditional print-based business model is struggling to adapt to the changing consumer behavior, resulting in declining advertising revenue and circulation.
The case study focuses on the challenges faced by Time Out's CEO, Tony Elliott, who needs to develop a new global strategy to address these issues and return the company to profitability.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand recognition and reputation for providing local insights and recommendations.
- Extensive network of contributors and editors with deep knowledge of their respective cities.
- Established presence in key global markets.
- Strong community engagement and event organization capabilities.
Weaknesses:
- Reliance on a traditional print-based business model, struggling to adapt to the digital landscape.
- Declining advertising revenue and circulation.
- Limited digital presence and online engagement.
- Lack of a clear digital strategy and investment in technology.
Opportunities:
- Growing demand for local content and experiences.
- Rise of mobile technology and social media engagement.
- Potential for new revenue streams through digital advertising, subscriptions, and partnerships.
- Expansion into new markets and emerging economies.
Threats:
- Increasing competition from online platforms and digital media companies.
- Economic downturn and its impact on advertising spending.
- Changing consumer behavior and preferences.
- Difficulty in adapting to the evolving media landscape.
Porter's Five Forces:
- Threat of new entrants: High, due to the low barriers to entry in the digital media space.
- Bargaining power of buyers: High, as consumers have access to a wide range of alternatives.
- Bargaining power of suppliers: Low, as Time Out relies on a diverse network of contributors and editors.
- Threat of substitute products: High, due to the availability of online platforms and digital media companies offering similar content and services.
- Rivalry among existing competitors: High, as the industry is fragmented and characterized by intense competition.
Value Chain Analysis:
Time Out's value chain consists of:
- Inbound logistics: Sourcing content from contributors and editors.
- Operations: Producing print and digital content, organizing events, and managing online platforms.
- Outbound logistics: Distributing print publications and promoting digital content.
- Marketing and sales: Advertising, subscriptions, and event ticketing.
- Service: Providing local insights and recommendations to consumers.
Business Model Innovation:
Time Out needs to shift from its traditional print-based business model to a more sustainable digital-first model. This requires:
- Developing a robust digital platform: Investing in technology and analytics to enhance the user experience, personalize content, and provide targeted advertising.
- Expanding revenue streams: Exploring new revenue models beyond advertising, such as subscriptions, premium content, and partnerships.
- Leveraging data and analytics: Utilizing data to understand consumer behavior, optimize content, and personalize experiences.
4. Recommendations
1. Digital Transformation:
- Develop a comprehensive digital strategy: Invest in technology and analytics to create a user-friendly digital platform, enhance online engagement, and personalize content.
- Expand digital content offerings: Create high-quality, engaging digital content that caters to the needs of different target audiences.
- Leverage social media: Utilize social media platforms to build brand awareness, engage with consumers, and promote content and events.
- Implement a data-driven approach: Utilize data and analytics to understand consumer behavior, optimize content, and personalize experiences.
2. Strategic Alliances:
- Partner with technology companies: Collaborate with technology companies to enhance digital platforms, leverage data analytics, and develop innovative solutions.
- Form strategic alliances with local businesses: Partner with local businesses to offer exclusive deals, promotions, and experiences to Time Out users.
- Explore joint ventures with other media companies: Collaborate with other media companies to expand reach, share resources, and develop new content and services.
3. Market Expansion:
- Target new markets: Identify and enter new markets with high growth potential, particularly in emerging economies.
- Develop localized content and experiences: Tailor content and experiences to the specific needs and preferences of each market.
- Utilize a global network: Leverage Time Out's global network of contributors and editors to expand reach and provide local insights.
4. Diversification:
- Explore new revenue streams: Develop new revenue streams beyond advertising, such as subscriptions, premium content, and events ticketing.
- Offer value-added services: Provide value-added services to consumers, such as travel planning, concierge services, and personalized recommendations.
- Expand into adjacent markets: Explore opportunities to expand into adjacent markets, such as travel, hospitality, and lifestyle.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of Time Out's strengths, weaknesses, opportunities, and threats. They are consistent with the company's mission to provide local insights and recommendations to consumers.
The recommendations are also designed to address the changing consumer behavior and the rise of digital media. By embracing digital transformation, forming strategic alliances, and expanding into new markets, Time Out can leverage its core competencies and adapt to the evolving media landscape.
Key Assumptions:
- Time Out is willing to invest in technology and analytics to enhance its digital platform.
- The company can successfully develop and implement a comprehensive digital strategy.
- Time Out can form strategic alliances with technology companies and local businesses.
- The company can successfully target new markets and develop localized content and experiences.
6. Conclusion
Time Out needs to embrace a digital-first strategy, focusing on innovation, strategic alliances, and market expansion to revitalize its business and secure long-term profitability. By leveraging its core competencies, adapting to the evolving media landscape, and harnessing the power of technology, Time Out can reclaim its position as a leading provider of local insights and recommendations.
7. Discussion
Alternatives:
- Focusing solely on print: This would be a risky strategy, as the print media market continues to decline.
- Merging with a competitor: This could provide access to resources and markets, but it could also result in loss of control and brand identity.
Risks:
- Failure to adapt to the digital landscape: Time Out could lose market share to competitors who are more agile and innovative.
- Inability to secure strategic alliances: The company could struggle to find partners who are willing to collaborate.
- Challenges in expanding into new markets: Time Out could face difficulties in adapting to different cultures and consumer preferences.
Key Assumptions:
- Time Out is willing to invest in technology and analytics.
- The company can successfully develop and implement a digital strategy.
- Time Out can form strategic alliances with technology companies and local businesses.
8. Next Steps
Timeline:
- Year 1: Develop a comprehensive digital strategy, invest in technology and analytics, and launch a new digital platform.
- Year 2: Expand digital content offerings, leverage social media, and explore new revenue streams.
- Year 3: Target new markets, develop localized content and experiences, and form strategic alliances.
Key Milestones:
- Launch of a new digital platform.
- Development of a subscription model.
- Formation of strategic alliances with technology companies and local businesses.
- Expansion into new markets.
By implementing this multi-pronged strategy, Time Out can position itself for long-term success in the evolving media landscape.
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Case Description
In June 2016, the chief executive officer (CEO) of the United Kingdom-based Time Out Group PLC (Time Out), had just taken the company through an initial public offering, raising much-needed capital for investment and growth. Time Out, which provided consumers with information, tickets, and access to theatre, concerts, and events, as well as food, drink, and cultural experiences in its Time Out Market, had reported significant losses in 2014 and 2015. However, there was momentum in new market areas, and the recently launched Time Out Market in Lisbon, Portugal, had seen revenue growth of 67 per cent between 2014 and 2015. Now, with £59 million to invest, the CEO had to lead the company back to profitability. He needed to balance foreign direct investment in physical Time Out Markets with digital transformation of the company's offerings. At the same time, he had to find ways to reinforce the new organizational culture he was building at Time Out as a way to help fulfil his corporate vision of Time Out as a disruptive force.
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