As MBS student I always dreamt of an opportunity or being part of business transformation journey. So when I read bout NYT (New York Times) organization transformation from being a ad-driven to subscription driven business, I was extremely pleased. I am sure that this wasn’t easy change or at times very difficult to see it over multiyear changes.
Here is URL that document it – https://www.dropbox.com/s/qy3nfaxjiplmtcf/The%20(Not%20Failing)%20New%20York%20Times.pdf?dl=0
Summary of story
- It all started with high debt and falling revenue streams – going into negative vicious cycle – as business expanded in multiple non-core areas over years, falling paper-subscriptions, falling ad-revenues etc.
- Detail and blunt analysis was sponsored by top-exec team
- Hire top talent from top Tech companies to build digital infrastructure to conduct business (NYT hired from Google, FB, NetFlix and Tinder and many more)
- Identify core vicious business cycle that feed itself over years – excellent journalism attract more readers -> capital to invest in journalism -> even more subscriptions
- Identify associated (not non-core) business related to critical business – such as Podcasts or Apps for Crossword or Food, Tie-up with Google and FB to distribute their content.
What was not documented was
- how executive teams sponsored this transformation,
- what was internalization or mindset changed from fixed to growing,
- what were difficult decision made,
- what was impact on short term revenue,
- were there scenarios of default on debt interest payments
wethypeople 