Time Out: A New Global Strategy to Bring Back Profit

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.
Collection: Ivey Business School (Canada)
Ref: IVEY-9B17M063-E
Format: PDF
Number of pages: 14
Publication Date: Apr 28, 2017
Language: English
Review date: Sep 28, 2017

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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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Year: 2016
Geographic Setting: United Kingdom
Industry Setting: Arts, Entertainment, Sports and Recreation;

Learning Objective

The case is ideal for undergraduate and graduate-level management and strategy classes. The discussion and analysis are designed to help students do the following: ·Understand how long-established privately owned companies can use initial public offerings as a platform for regaining lost competitiveness and growth. ·Formulate a strategy for a company seeking to create value through global e-commerce as well as through local bricks-and-mortar services. ·Explain how an initiative instigated by a firm in a foreign location has the potential to rejuvenate the whole company.

Time Out: A New Global Strategy to Bring Back Profit

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"Time Out: A New Global Strategy to Bring Back Profit"