Harvard Case - Universal During COVID: The Future of Theatrical Windows
"Universal During COVID: The Future of Theatrical Windows" Harvard business case study is written by Hong Luo, Henry W. McGee, Carol Lin. It deals with the challenges in the field of Strategy. The case study is 29 page(s) long and it was first published on : Jan 5, 2021
At Fern Fort University, we recommend Universal adopt a multi-pronged strategy that leverages its existing strengths and embraces emerging trends to navigate the evolving theatrical window landscape. This strategy will involve:
- Accelerating digital transformation: Investing in robust streaming platforms and exploring innovative distribution models like 'day-and-date' releases.
- Embracing hybrid windows: Implementing strategic partnerships with streaming platforms and utilizing data analytics to optimize release timing and content distribution across various platforms.
- Expanding international presence: Capitalizing on the growing global demand for entertainment by strategically targeting emerging markets and tailoring content to local audiences.
- Developing a strong direct-to-consumer (DTC) strategy: Building a loyal customer base through exclusive content, personalized experiences, and leveraging social media to enhance brand engagement.
2. Background
The case study 'Universal During COVID: The Future of Theatrical Windows' examines the challenges and opportunities faced by Universal Pictures in the wake of the COVID-19 pandemic. The pandemic significantly disrupted traditional theatrical release models, leading to a surge in streaming services and the emergence of new hybrid distribution strategies. Universal, known for its blockbuster franchises, faced the critical decision of how to adapt its business model to thrive in this evolving landscape.
The main protagonists of the case are:
- Donna Langley, Chairman of Universal Filmed Entertainment Group, who must navigate the changing industry landscape and make strategic decisions for Universal's future.
- Jeff Shell, CEO of NBCUniversal, who oversees the broader media conglomerate and must consider the impact of Universal's decisions on the entire company.
- The film industry at large, which is grappling with the disruption of traditional distribution models and the rise of streaming services.
3. Analysis of the Case Study
Porter's Five Forces Analysis:
- Threat of new entrants: High ' The rise of streaming services and the ease of content creation make it easier for new players to enter the market.
- Bargaining power of buyers: High ' Consumers have more choices than ever before, and streaming services offer greater flexibility and convenience.
- Bargaining power of suppliers: Moderate ' While talent remains essential, the rise of streaming services has provided alternative avenues for distribution and increased competition for talent.
- Threat of substitute products: High ' Streaming services, gaming, and other forms of entertainment offer viable alternatives to traditional theatrical releases.
- Competitive rivalry: High ' Competition is fierce among studios, streaming services, and other entertainment providers.
Value Chain Analysis:
Universal's value chain is impacted by the changing distribution landscape:
- Inbound logistics: The supply of content remains crucial, but the rise of streaming services has created new avenues for content acquisition.
- Operations: Production processes are evolving to accommodate the demands of streaming services and hybrid release models.
- Outbound logistics: Distribution channels are diversifying, with streaming platforms becoming increasingly important.
- Marketing and sales: Marketing strategies must adapt to reach audiences across multiple platforms and cater to different viewing habits.
- Customer service: Providing a seamless and personalized experience across different platforms is essential.
SWOT Analysis:
Strengths:
- Strong brand recognition and established franchises.
- Experience in producing high-quality content.
- Access to a vast library of films and television shows.
- Strong relationships with talent and distributors.
Weaknesses:
- Reliance on traditional theatrical release models.
- Limited experience in digital distribution and streaming.
- Potential for cannibalization of theatrical revenue by streaming releases.
Opportunities:
- Growing global demand for entertainment.
- Rise of streaming services and hybrid distribution models.
- Potential to reach new audiences through digital platforms.
Threats:
- Increased competition from streaming services and other entertainment providers.
- Piracy and copyright infringement.
- Changing consumer preferences and viewing habits.
Key Considerations:
- Digital transformation: Universal must invest in its digital infrastructure and develop robust streaming platforms to compete effectively.
- Hybrid windows: The company must explore strategic partnerships with streaming services and optimize release timing across multiple platforms.
- International expansion: Capitalizing on the growing global demand for entertainment is crucial for long-term growth.
- Direct-to-consumer strategy: Building a loyal customer base through exclusive content and personalized experiences is essential.
4. Recommendations
Short-Term (1-2 Years):
- Accelerate digital transformation:
- Invest in a dedicated streaming platform with a user-friendly interface and diverse content library.
- Develop a robust content management system to facilitate efficient content delivery and updates.
- Leverage data analytics to understand consumer preferences and optimize content recommendations.
- Embrace hybrid windows:
- Experiment with 'day-and-date' releases, simultaneously releasing films in theaters and on streaming platforms.
- Utilize data analytics to determine optimal release timing for different platforms based on content type and audience demographics.
- Develop strategic partnerships with streaming services to maximize reach and revenue.
- Expand international presence:
- Conduct thorough market research to identify high-growth potential markets.
- Tailor content to local audiences by adapting language, cultural references, and marketing strategies.
- Explore co-production opportunities with local filmmakers and distributors.
Long-Term (3-5 Years):
- Develop a strong direct-to-consumer (DTC) strategy:
- Create exclusive content for the streaming platform to attract and retain subscribers.
- Offer personalized experiences, such as curated content recommendations and interactive features.
- Leverage social media to build brand awareness, engage with audiences, and generate buzz.
- Invest in innovation:
- Explore emerging technologies like Virtual Reality (VR) and Augmented Reality (AR) to enhance the viewing experience.
- Develop new content formats tailored to digital platforms, such as interactive stories and episodic releases.
- Foster a culture of innovation within the company to encourage experimentation and exploration of new ideas.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Universal's strengths, weaknesses, opportunities, and threats. They are aligned with the company's core competencies in content creation and distribution, while embracing the changing industry landscape. They also consider the needs of external customers, who are increasingly seeking convenient and personalized entertainment experiences, and internal clients, who require a flexible and adaptable business model.
The recommendations are supported by quantitative measures, such as:
- Increased revenue: Expanding into new markets and leveraging digital platforms will generate new revenue streams.
- Enhanced customer engagement: A strong DTC strategy will build a loyal customer base and increase brand engagement.
- Improved efficiency: Data analytics and digital transformation will streamline operations and optimize content distribution.
6. Conclusion
Universal Pictures has a unique opportunity to emerge as a leader in the evolving theatrical window landscape. By embracing digital transformation, implementing hybrid windows, expanding internationally, and developing a strong DTC strategy, the company can leverage its strengths, capitalize on emerging trends, and secure its future in the entertainment industry.
7. Discussion
Alternatives:
- Maintaining the status quo: This option would risk Universal falling behind competitors who are embracing digital transformation and new distribution models.
- Focusing solely on theatrical releases: This approach would limit Universal's reach and potential revenue, as consumers increasingly seek alternative entertainment options.
- Acquiring a major streaming service: This could provide immediate access to a large subscriber base but would require significant investment and integration challenges.
Risks and Key Assumptions:
- Technological disruption: The rapid pace of technological change could render some of Universal's investments obsolete.
- Consumer preferences: Changes in consumer viewing habits could impact the effectiveness of Universal's strategies.
- Competition: Intense competition from other studios and streaming services could limit Universal's market share.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Multi-pronged strategy | Adaptable, leverages strengths, maximizes reach | Requires significant investment, complex implementation |
| Maintaining the status quo | Predictable, minimizes risk | Fails to capitalize on opportunities, risks falling behind |
| Focusing solely on theatrical releases | Maintains traditional model, minimizes disruption | Limits reach, risks declining revenue |
| Acquiring a major streaming service | Immediate access to large subscriber base, expands reach | High cost, integration challenges |
8. Next Steps
- Develop a detailed strategic plan: Outline specific goals, timelines, and resource allocation for each recommendation.
- Invest in technology and infrastructure: Upgrade digital platforms, data analytics capabilities, and content management systems.
- Build strategic partnerships: Collaborate with streaming services, talent agencies, and international distributors.
- Develop a strong DTC strategy: Create exclusive content, personalize experiences, and leverage social media to build a loyal customer base.
- Monitor progress and make adjustments: Continuously evaluate the effectiveness of strategies and adapt them based on market conditions and consumer feedback.
By taking these steps, Universal can navigate the evolving theatrical window landscape and emerge as a leader in the entertainment industry.
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Case Description
The COVID-19 pandemic brought enormous disruption to the movie industry, closing theaters indefinitely by mid-March 2020, halting television and film production, and throwing theatrical release schedules into disarray. Shell had assumed the CEO position at NBCUniversal just months before the beginning of the pandemic and now had several important decisions to make. One immediate decision he faced was how to handle the release of Trolls: World Tour, the highly anticipated sequel to a successful animated film, which had been scheduled to premiere in theaters nationwide in early April. Jeff's decision regarding the Trolls distribution strategy would not only impact the sequel's performance but would also likely have a far-reaching impact on the entire film industry, which had seen studios and theaters battle over the length of the theatrical window for decades. With the pandemic weakening the theater industry's bargaining power, had the opportunity finally arrived for film studios to significantly shorten, or even eradicate, the theatrical window?
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