![]() ![]() In Lisbon this spring, Time Out replaced the burger restaurant in the market there on editors’ advice.Įditors also help sustain interest in the markets. Though participating restaurants lock into long-term commitments, editors keep an eye on the food and the performance. ![]() Editors in each city identify which restaurant owners should be in the market, for example, and play key roles in determining whether a restaurant should stay involved in the market. While Time Out Group operates its media and markets teams as separate lines of business, they work together continuously, Bruno said. “The obvious catalyst for the shares over the next 12 months is the opening of Time Out Markets across North America,” Liberum analyst Andrew Bryant wrote in a spring note. “The markets’ roll-out finally accelerating not only helps underpin the move into group profitability, but more importantly, should evidence the sum-of-the-parts equity value of Time Out.” That same research projects that Time Out Group will turn a profit in 2020. markets Time Out is supposed to open this year are expected to generate $15 million in revenue in 2019, and become solidly profitable by 2020, with an estimated $11.2 million in EBITDA on estimated $55 million in revenue, according to research released by investment bank Liberum in March. ![]() To return to profitability, the market concept should provide the momentum: The four U.S. Those changes haven’t been enough to get the company back into the black, but they pointed the company in the right direction: Time Out Group lost $10.2 million last year, compared to an $18 million loss in 2017, according to public company filings. On the media side, digital advertising accounted for $18.8 million and e-commerce $7.9 million, compared to $19.4 million in print ads revenue. The Lisbon market, which had revenues of $11.4 million, accounted for 18 percent of the group’s revenues. ![]() However, strategic questions loom.Time Out has been on a yearslong mission to develop new lines of revenue, such as commerce and live events, while managing losses in print advertising. In 2018, Time Out Group generated $61.6 million in revenue. They initially opened Markets in six cities, with a long-term plan to expand much further. As a self-described “platform-agnostic” brand, the move marked Time Out’s transition to “phyigital” (physical + digital) business, and promised the possibility of synergies between the Media and Market divisions. However, the rise of the internet meant fundamentally rethinking the type of content Time Out offered, and their historical reliance on media-generated revenue put them in a precarious position amidst an industry-wide “media apocalypse.” To maintain relevance and diversify their revenue, the company launched Time Out Market, a collection of sleek food halls that housed between 14 and 32 restaurants and quite literally brought the Time Out Magazine to life. Over the span of five decades, Time Out - the global media and entertainment brand - had gone from a self-published counterculture publication in London to a leading authority on the arts and culture, food and drink, music, and nightlife scenes in hundreds of cities around the world. In February 2020, Time Out’s chief executive officer Julio Bruno is evaluating the strategic direction of the company. ![]()
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