Time Out exceeds expectations with 23% rise in group revenue to £37.1m
Arts and entertainment business Time Out has surprised on the upside after posting a 23% rise in group revenue to reach £37.1m for the year ended 31 December 2016.
The group was bolstered by an acceleration in revenue through the second half of the year, led by a 39% uptick in digital revenue growth which saw e-commerce, premium profiles and digital advertising rise by 45, 51 and 36% respectively on a year-on-year basis.
These figures were built on a global monthly audience reach of 156m across all platforms, representing a year-on-year increase of 44%.
Time Out Group CEO Julio Bruno, said: “2016 has been a year of significant events for Time Out Group. We listed on the stock market in June to take this iconic brand to the next stage of its development, accelerating its growth and consolidating the lines of business.
“At Time Out, we like to say that we are in the ‘happiness business’. We inspire and enable people to discover, book and share what the world’s cities have to offer. As the trusted companion of both locals and visitors, we influence hundreds of millions of travel and entertainment spend around the globe. But just as importantly, our curated, high-quality content creates a valuable brand-appropriate environment for our online advertising and e-commerce partners.”
Far from resting on its laurels Time Out is pursuing new affiliate agreements with Viator and Broadway.com to further grow its ecommerce and has signed leases on two new locations in London and Miami for Time Out Market – a food and cultural experience curated by Time Out journalists.
This follows a refresh of the Time Out brand to shift its focus from content publisher to a content and commerce platform.