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As observed in the current case study, due to the unprecedented circumstances the Bauer Media has closed the eight titles it paused during COVID-19. The titles which are impacted during Covid-19 are “Good Health, In Style, Men’s Health, Women’s Health, NW, OK, Harper’s Bazaar, and Elle” (Mumbrella.com.au, 2020). It has also been found by the market research conducted by this organization is the advertising revenues to the titles has reduced. It has also been identified that the advertisement spends reduced rapidly by 40% with an increased loss of 57% in case of the magazines.
The current organization has gathered the information of market condition through researching its reach in global scale and the contribution of the advertising market. Constant communication and interaction between the advertisers has been placed by the company to gather information about future reinstatement of the titles. However, the information gathered initially was helping to predict the future prospect of these magazine titles mentioned.
There was a lack of transit channels through which “NW” and “OK!” could be distributed feasibly. The economic uncertainty is also a responsible factor in this context. Considering these market information, Bauer Media has attempted to reorganize and future-proof the business. As the company is facing a hard time in generating revenue from due to the lockdown process, it has decided to axe some of its workers even promised to find alternative job options for them. Another approach of this company against the hard time for the business is staff members are directed and given clarity as early as possible to make the whole arrangements covered. The publishing schedules have also been optimized in order to avoid any uncertainty and irregularity of publications (Sun et al. 2016).
Additionally, the company has also gathered market information which confirms that the New Zealand operations have returned. This market has been identifying as promising and domestic travel has been selected as a path to rejuvenate the titles with more staff strength and market mobility. The company is also planning to bring 40 editorial and advertising staffs and much accepted titles such as “Women’s Weekly, Kia Ora, Your Home & Garden and others”. The company considers the fact that it will expand its operations in New Zealand as the advertising market seems promising after the current condition improves. New business strategy has been decided to be formed with Mercury Capital so that key areas of investment and growth can be planned and achieved. Launching a new brand therefore is the response of the company against the current situation mentioned above (Hwang, 2019).
Hwang, Y., 2019. Strategic Access of Intertemporal Need Changes for Successful College Merging. AMERICAN ASSOCIATION OF UNIVERSITY ADMINISTRATORS, 34(1), p.70.
Mumbrella.com.au, 2020. Bauer closes eight titles including Harper’s Bazaar, Elle and Instyle. Available at: https://mumbrella.com.au/bauer-closes-eight-titles-including-harpers-bazaar-elle-and-instyle-635458 [Accessed 31 August 2020]
Sun, L., Liu, K., Jambari, D.I. and Michell, V., 2016. Evaluating business value of IT towards optimisation of the application portfolio. Enterprise Information Systems, 10(4), pp.378-399.