Time for a thread 👇🏽👇🏽
They have been launching and testing "different programs, partnerships, business models and approaches to set the stage for the continued transformation of TIME."
They have to build a digital business to replace the legacy business.
And they must do it quickly.
Digital revenue now exceeds print revenues for the first time in TIME’s history.
Their US print subscription revenue over-delivered against the internal projections by +6% and they also increased the margin on the global print business.
In Q2, TIME captured a direct, opted-in relationship with over 1.2 million individuals.
Media sustainability is dependent on subscriptions.
- Establishing Multiple, Recurring Revenue Streams
- Evolving TIME’s Video & Streaming Strategy
- Increasing TIME’s B2B Deal Sizes
- Continuing our Digital Transformation & Launching a B2C App for Consumers
They recently added a third, TIME for Kids digital subscription, with the goal of doubling the number of subscription revenue sources by end of year.
Ultimately, speed kills in the content business.
They've been focused on increasing B2B deal sizes.
This led to their top advertisers spending more in first half of 2020 than they did in all of 2019 combined.
TIME NEXT is an effort for their engineers and tech teams to focus on the following five priorities:
- Subscriptions
- Video
- Mobile App
- Revenues
- Support
TIME must embrace tech and innovation.
- Print to digital
- Ad to subscription
- Outsourced to vertically integrated
- Content to IP
- People to technology
TIME is an iconic brand clearly articulating these shifts.
Question is can they thrive in new world?
They want to change. But change is not always necessary.
Sometimes being the incumbent is an advantage. They should lean in to it, not avoid it.
A gorilla is harmless unless they are willing to act like a gorilla.
They'll continue to thrive if they can combine the iconic brand with digital products, subscription revenue, and out-of-the-box thinking.
I wouldn't bet against them.
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