Harvard Case - Viacom, Inc.: Carpe Diem (Condensed)
"Viacom, Inc.: Carpe Diem (Condensed)" Harvard business case study is written by Joseph L. Bower, Thomas R. Eisenmann. It deals with the challenges in the field of Strategy. The case study is 20 page(s) long and it was first published on : Jan 23, 1998
At Fern Fort University, we recommend Viacom, Inc. adopt a multi-pronged strategy to capitalize on the evolving media landscape. This strategy involves leveraging its existing strengths in content creation and distribution, embracing digital transformation, and actively pursuing strategic alliances to secure its future in the increasingly competitive entertainment industry.
2. Background
Viacom, Inc., a leading global media and entertainment company, faced a pivotal moment in 2014. The traditional media landscape was undergoing a rapid shift towards digital platforms, challenging Viacom's established business model. The company needed to adapt to the changing consumer preferences and navigate the rise of streaming services like Netflix and Amazon Prime Video.
The case study focuses on Philippe Dauman, Viacom's CEO, and his efforts to revitalize the company. Dauman recognized the need for innovation and strategic adaptation to ensure Viacom's continued success.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand portfolio: Viacom boasts a diverse portfolio of iconic brands like Nickelodeon, MTV, Comedy Central, and Paramount Pictures.
- Content creation expertise: Viacom possesses a wealth of experience in creating engaging and popular content across various genres.
- Global reach: Viacom operates in over 180 countries, providing a significant global audience.
Weaknesses:
- Declining cable subscriptions: Traditional cable TV subscriptions were declining, impacting Viacom's revenue streams.
- Limited digital presence: Viacom lagged behind competitors in developing a robust digital presence and streaming platform.
- Siloed organizational structure: The company's fragmented structure hindered collaboration and innovation.
Opportunities:
- Growth of streaming services: The rise of streaming services presented a significant opportunity for Viacom to expand its reach.
- Emerging markets: Expanding into emerging markets offered untapped potential for growth.
- Technological advancements: Leveraging new technologies like AI and machine learning could enhance content creation and distribution.
Threats:
- Increased competition: The rise of streaming giants like Netflix and Amazon posed a significant competitive threat.
- Changing consumer preferences: Consumers were increasingly demanding on-demand content and personalized experiences.
- Regulatory changes: Shifting regulations in the media industry could impact Viacom's operations.
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 numerous options for entertainment.
- Bargaining power of suppliers: Moderate, with content creators holding some influence.
- Threat of substitute products: High, with various entertainment options available.
- Rivalry among existing competitors: Intense, with established players and new entrants vying for market share.
Value Chain Analysis:
Viacom's value chain included content creation, production, distribution, and marketing. The company needed to adapt its value chain to integrate digital platforms and enhance its online presence.
Business Model Innovation:
Viacom needed to explore business model innovation to adapt to the changing media landscape. This could involve:
- Direct-to-consumer streaming: Launching a dedicated streaming platform to reach consumers directly.
- Subscription models: Offering subscription-based services for premium content.
- Content licensing: Licensing content to other platforms to generate revenue.
- Mergers and acquisitions: Acquiring smaller digital media companies to expand its digital footprint.
4. Recommendations
1. Digital Transformation:
- Develop a robust streaming platform: Invest in building a user-friendly and feature-rich streaming platform to compete with established players.
- Embrace digital marketing: Utilize social media, targeted advertising, and data analytics to reach a wider audience.
- Leverage technology: Implement AI and machine learning to personalize content recommendations and improve content creation efficiency.
2. Strategic Alliances:
- Partner with tech giants: Collaborate with companies like Amazon, Google, and Apple to distribute content through their platforms.
- Joint ventures: Explore joint ventures with other media companies to create compelling content and expand reach.
- Strategic acquisitions: Acquire smaller digital media companies to gain expertise and access new markets.
3. Content Strategy:
- Focus on high-quality content: Invest in producing high-quality, engaging content that resonates with diverse audiences.
- Embrace diverse formats: Experiment with new formats like short-form videos, podcasts, and interactive content.
- Develop original content: Create original content tailored for digital platforms to attract new subscribers.
4. Global Expansion:
- Target emerging markets: Leverage its existing brand recognition to expand into emerging markets with high growth potential.
- Localize content: Adapt content to local cultural preferences and language to resonate with global audiences.
- Develop partnerships: Partner with local media companies to gain market access and leverage their expertise.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies: Building upon Viacom's strengths in content creation and distribution, while adapting to the digital landscape.
- External customers: Catering to the evolving needs of consumers who increasingly prefer on-demand content and personalized experiences.
- Competitors: Responding to the competitive threat posed by streaming giants and adapting to the changing industry dynamics.
- Attractiveness: Utilizing a balanced scorecard approach to assess the financial, customer, internal processes, and learning and growth perspectives of the proposed strategies.
6. Conclusion
Viacom, Inc. has the potential to thrive in the evolving media landscape by embracing digital transformation, forging strategic alliances, and prioritizing high-quality content creation. By adapting its business model and leveraging its existing strengths, Viacom can secure its future in the increasingly competitive entertainment industry.
7. Discussion
Alternatives:
- Sticking to the traditional model: While this might seem like a safe option, it would likely lead to further decline in market share and revenue.
- Selling the company: This would be a drastic measure and would likely not be in the best interest of shareholders.
Risks:
- Digital transformation costs: Implementing a digital transformation strategy could be costly and require significant investment.
- Competition: The competitive landscape is constantly evolving, and new players may emerge, posing further challenges.
- Consumer preferences: Consumer tastes are constantly changing, and adapting to these shifts can be challenging.
Assumptions:
- Consumer demand for streaming services will continue to grow.
- Technological advancements will continue to enhance the media experience.
- Viacom can successfully adapt its content and distribution strategies to the digital environment.
8. Next Steps
Timeline:
- Year 1: Develop a comprehensive digital transformation strategy, launch a streaming platform, and forge strategic alliances.
- Year 2: Expand global reach, invest in original content production, and refine digital marketing strategies.
- Year 3: Monitor progress, adapt strategies based on performance, and continue to invest in innovation and growth.
By taking these steps, Viacom can position itself for long-term success in the evolving media landscape. The company needs to embrace change, leverage its strengths, and capitalize on the opportunities presented by the digital revolution.
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Case Description
Viacom has built a powerful position in the global entertainment industry through skillful and bold acquisitions. Now its expansion is challenged by the moves of Rupert Murdoch's News Corp. Different businesses within Viacom have contradictory positions on how to deal with major opportunities and how Viacom top management should manage the decision-making process.
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