Time Out Group

Time Out Group
Public
Traded as LSE: TMO
Industry Media
Genre Lifestyle
Founded 1968
Founder Tony Elliott
Headquarters London, United Kingdom
Key people
 Tony Elliott (Founder), Julio Bruno (Group CEO), Noel Penzer (CEO Time Out Digital), Dider Souillat (CEO Time Out Market), Peter Dubens (Founder Oakley Capital)
Products Web sites, mobile apps guidebooks, magazines, food and cultural market
Brands

Time Out Digital, Time Out App, Time Out World, Time Out Labs, Time Out City

Guides, Time Out Magazine, Time Out Market
Owner Oakley Capital
Number of employees
 310 (2015)
Website http://www.timeout.com/

Time Out Group (Time Out Digital Ltd) is a digital and print publisher of web sites, apps, magazines and guidebooks covering events, entertainment and culture in cities around the world.[1][2] Julio Bruno is the Group CEO of Time Out Group.[3] Based in London, New York and Paris, Time Out Group provides entertainment, food, and drink recommendations to an international audience through print and digital platforms.[4] Time Out was established in 1968, by founder Tony Elliott and has developed into a trusted global platform that inspires and enables people to experience the best of the city. Operating in 107 cities, across 39 countries, it has an average monthly global audience reach of over 111 million across all platforms.[5] Time Out provides original editorial content for users to find things to do in the city as well as curated lists of the best films, food, attractions, art, culture, shopping and nightlife activities. Time Out recently curated sci-fi films, a global sex survey, and provides unique content for its social fans. Time Out Markets, launched in 2014, enables people to discover, book, live and share their experiences on one platform.[6][7][8]

History

The original Time Out magazine was first published in 1968 by Tony Elliott with Bob Harris as co-editor.The magazine was a one-sheet pamphlet with listings for London.[9] The magazine started as a counter-culture publication that had an alternative viewpoint on issues such as gay rights, racial equality, and police harassment.[10][11] Early issues had a print run of around 5,000 and evolved to a weekly circulation of 110,000.[11]

The brand was expanded to North America with Time Out New York magazine also known as TONY in 1995 followed by Time Out New York Kids in 1996. The success of taking the Time Out brand abroad led to the expansion of the magazine worldwide. The brand grew to include travel magazines, city guides, and books.[11]

Time Out was able to withstand print competition; however, its late integration of a digital platform during the online revolution proved to be a challenge. When Time Out New York launched it did not have a website and was competing against well-established online publications such as Citysearch and The Village Voice.[11] The company; however, continued to expand with licensing of the brand and in 2009 launched its iPhone app in New York and then London, which was sponsored by Smirnoff, enabling the app to be free of charge.[12]

Financial loss and the necessity to expand the Time Out brand led Tony Elliott to sell half of Time Out London and 66 percent of TONY to private equity group Oakley Capital in May 2011.[11] Under new ownership, the company expanded the brand digitally through partnerships with software companies to develop a common online platform for the brand and to create multi-city mobile applications.[11][13] The company continued to grow digitally and launched an iPad app for New York and London in July 2012. The iPad app was initially sponsored by Mastercard.[14]

In July 2015, Time Out Group announced a £7 million investment in Flypay, a pay-at-table mobile app that will integrate its technology into Time Out's media platform.[15]

In June 2016, Time Out Group underwent an IPO and trades under the symbol TMO on London's AIM stock exchange.[16][5]

Time Out magazines

Time Out Magazine is available in 36 cities including London, New York, Istanbul, Dubai, Beijing, Hong Kong and Lisbon. Time Out London Magazine is a free weekly publication based in London.[9][17] Time Out provides event listings and editorial on film, theatre and the arts in London to inform readers of the availability of entertainment in the city.[9]

Time Out New York (referred to as TONY) was the brand's first magazine launch in North America and debuted in 1995. TONY became a free magazine in 2015 and is distributed in bars, restaurants, gyms, and theaters.[18] The Web audience is estimated to 3.5 million unique visitors a month.[19]

Time Out Guide books

Time Out Media publishes guides written by locals aimed at providing tourists with tips in urban "nooks" around the world.[20] Time Out also produces tourist guide books covering more than 40 cities worldwide, with a total circulation of over 350,000.[21] Mobile apps have been integrated with city guides to allow mobile users to use GPS to pinpoint their location on Time Out maps and search for dining and event recommendations along with a list of editors picks and other options.[20]

Time Out Market

Lisbon Market

Time Out Market Lisbon
Launch cover for Time Out Lisbon Magazine

In April 2014 Time Out Lisbon launched the Time Out Mercado da Ribeira.[22] The market hosts 35 small restaurant and artisan kiosks from the best chefs offering local specialties and has been widely recognised as one of the top tourist attractions in Lisbon.[22] Additional Time Out Market locations are to open in London (2017) and New York (2018).[23]

Acquisitions

In August 2011, Time Out acquired the personalisation business LikeCube.[24] Kelkoo, a daily-offers business, was acquired by Time Out in December 2011.[25]

The Time Out brand license was acquired for the Chicago publication March 2013.[26] The acquisition was part of a strategy to build an international media organization in 50 cities.[27] Changes included moving from print publication to exclusively digital format as only a limited few cities still have a printed Time Out Magazine edition including London and New York.[27][28]

Time Out acquired the event discovery platform Huge City in May 2014.[29] In April 2016, Time Out acquired the geo-mapping start-up Hallstreet.[30] In October 2016, Time Out acquired the event discovery and booking service YPlan.[31]

References

  1. ↑ Tricia Whitlock (May 14, 2014). "Time Out Group acquired Hugecity". Hypepotamus. Retrieved July 8, 2015.
  2. ↑ "Time Out Group Makes 2 Exec Appointments". Ad Week. September 30, 2015. Retrieved October 20, 2015.
  3. ↑ Kleinman, Mark (April 29, 2016). "Time Out Plots Another Kind of London Listing". Sky News. Retrieved September 22, 2016.
  4. ↑ "Company Overview of Time Out Group limited". Bloomberg Business. Retrieved July 8, 2015.
  5. 1 2 Hussain, Noor Zainab (June 9, 2016). "Time Out to Raise £90 Million in London Listing". Reuters. Retrieved September 22, 2016.
  6. ↑ Victoria Woollaston (July 21, 2014). "A scientist's favourite film? 2001: A Space Odyssey: Poll reveals academics' favourite sci-fi movies of all time". Daily Mail. Retrieved July 8, 2015.
  7. ↑ Nick Kotecki (February 10, 2015). "Survey: how many dates before sex". Sun Times. Retrieved July 8, 2015.
  8. ↑ Lauren Johnson (December 11, 2014). "Which brands boomed and which ones busted in social media this year? Fiat scores while American Airlines nosedives". Adweek. Retrieved July 8, 2015.
  9. 1 2 3 Robert Budden (September 24, 2012). "Time Out abandons its cover price". Financial Times. Retrieved July 8, 2015.
  10. ↑ "Time Out makes capital gains as free magazine". Campaign. September 26, 2013. Retrieved July 8, 2015.
  11. 1 2 3 4 5 6 Lucia Moses (June 27, 2011). "Can Time Out's Tony Elliott weather the storm? The founder of iconic magazines cedes control to keep his dream alive". Adweek. Retrieved July 8, 2015.
  12. ↑ Mercedes Bunz (December 21, 2009). "Time Out London launches iPhone app". The Guardian. Retrieved July 8, 2015.
  13. ↑ Sam Shead (February 25, 2014). "Time Out bundles multiple city guides into one global app". Tech World. Retrieved July 8, 2015.
  14. ↑ Nick Batten (July 27, 2012). "Time Out launches free iPad app with MasterCard sponsorship". Media Week. Retrieved July 8, 2015.
  15. ↑ Megan Dunsby (16 July 2015). "Flypay to "transform hospitality" with £7m Time Out investment". StartUps.co.uk. Retrieved 6 August 2015.
  16. ↑ Sweney, Mark (April 29, 2016). "Time Out Plans £200m Stock Market Flotation". The Guardian. Retrieved September 22, 2016.
  17. ↑ "Gorkana meets...Time Out London". Gorkana Group. January 26, 2015. Retrieved July 9, 2015.
  18. ↑ Caysey Welton (April 2, 2015). "Time Out New York transforms into a (mostly) free weekly". Folio. Retrieved July 9, 2015.
  19. ↑ "Time Out New York switching to all-free distribution model". New York Post. April 1, 2015. Retrieved July 9, 2015.
  20. 1 2 Mark Sweney (October 14, 2014). "Time Out to launch websites for six UK cities". The Guardian. Retrieved July 9, 2015.
  21. ↑ "Time Out Group Ltd. - company profile, information, business description, history, background information on Time Out Group Ltd.". Reference for Business. Retrieved July 9, 2015.
  22. 1 2 Isabel Choat (June 26, 2014). "10 of the best restaurants and cafes in Lisbon". The Guardian. Retrieved July 9, 2015.
  23. ↑ Andre Khalip (17 July 2015). "Old Lisbon market cooks up food-to-media concept to go global". Reuters. Retrieved 6 August 2015.
  24. ↑ Sophie Madden (March 8, 2011). "Time Out Group acquires recommendation software company". Media Week. Retrieved July 9, 2015.
  25. ↑ Angela Sormani (December 12, 2011). "Time Out Acquires Kelkoo Select". PE Hub. Retrieved July 9, 2015.
  26. ↑ Louise Ridley (April 8, 2013). "Time Out Group buys Chicago title". Campaign. Retrieved July 9, 2015.
  27. 1 2 Grid Business (April 8, 2013). "Time Out Chicago finalizes its sale and Feder says goodbye". Chicago Sun Times. Retrieved July 9, 2015.
  28. ↑ "Time Out Chicago officially sold; Staffers to exit, magazine ceases". Chicagoland Radio and Media. April 8, 2013. Retrieved July 9, 2015.
  29. ↑ Ian Griggs (May 12, 2014). "Time Out Group buys Hugecity". Campaign. Retrieved July 9, 2015.
  30. ↑ "Time Out Buys HallStreet Travel Startup in Acqui-hire Move". Tnooz. April 12, 2016. Retrieved September 22, 2016.
  31. ↑ "Time Out Group buys London events company YPlan". City AM. October 21, 2016. Retrieved October 21, 2016.
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