Time Out Group

Last updated

Time Out Group
Company typePublic
LSE:  TMO
IndustryMedia
GenreLifestyle
Founded1968
Founder Tony Elliott
Headquarters
London
,
England
Key people
Chris Öhlund (CEO)
ProductsWebsites, mobile apps guidebooks, social media, live events, food and cultural market
BrandsTime Out
Time Out Market
Number of employees
450 (2022)
Website timeout.com

Time Out Group is a British media and hospitality company. Its digital and physical presence comprises websites, mobile editions, social media, live events and markets. Time Out covers events, entertainment and culture in cities around the world. [1] [2]

Contents

Time Out was established in 1968, by founder Tony Elliott and has developed into a global platform across 333 cities and in 59 countries. Time Out Market was launched in 2014 in Lisbon. [3] [4] [5]

History

The original Time Out magazine was first published in 1968 by Tony Elliott with Bob Harris as co-editor, and has since developed into a global platform across 333 cities and 59 countries. The magazine was a one-sheet pamphlet with listings for London. [6] It started as a counter-culture publication that had an alternative viewpoint on issues such as gay rights, racial equality, and police harassment. [7] [8] Early issues had a print run of around 5,000 and evolved to a weekly circulation of 110,000. [8] One of the editors in the 1970s was Roger Hutchinson. [9]

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. [8]

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 . [8] 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. [10]

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. [8] 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. [8] [11] 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. [12]

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. [13]

In June 2016, Time Out Group underwent an initial public offering and trades under the symbol TMO on London's AIM stock exchange. [14] [15]

In March 2020, during the COVID-19 pandemic, the Time Out website altered its logo to read Time Out In, and the site began recommending activities that could be enjoyed at home. [16]

Time Out publications

Time Out content is available in cities around the world including Paris, Lisbon, Porto, L.A., Miami, Chicago, Sydney, Melbourne, Hong Kong, Madrid, Barcelona, Singapore, Beijing, Shanghai, Tel Aviv, Mexico City, Bangkok, Tokyo, Dubai and Istanbul among others. Time Out London magazine is a free weekly publication based in London. [6] [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. [6] After 54 years of publication, the print version of Time Out London was distributed on 23 June 2022 for the last time. The magazine continues to be published online. [18]

Time Out New York (referred to as TONY) was the brand's first magazine launch in North America and debuted in 1995. Time Out New York is now available for free every other Wednesday in vending boxes and newsstands across New York City and there are copies inside cultural establishments, cafes and other locations. [19] The web audience is estimated to 4.5 million unique visitors a month. [20]

Time Out guide books

Time Out Media publishes guides written by locals aimed at providing tourists with tips in urban "nooks" around the world. [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. [21]

Time Out Market

Time Out Market Lisbon Time Out Market Lisboa.jpg
Time Out Market Lisbon
Launch cover for Time Out Lisbon Magazine Launch cover for Time Out Lisbon Magazine.jpg
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 chefs offering local specialities. [22]

New Time Out Markets opened in 2019 in South Beach, Miami; Dumbo, New York; Fenway, Boston; Fulton Market District, Chicago; and Montreal. In 2021 in Dubai. [23] New locations are set to open in the future. [24]

Acquisitions

In August 2011, Time Out acquired the personalisation business LikeCube. [25] Kelkoo, a daily-offers business, was acquired by Time Out in December 2011. [26]

The Time Out brand license was acquired for the Chicago publication March 2013. [27] The acquisition was part of a strategy to build an international media organisation in 50 cities. [28] 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. [28] [29]

Time Out acquired the event discovery platform Huge City in May 2014. [30] In April 2016, Time Out acquired the geo-mapping start-up Hallstreet. [31] In October 2016, Time Out acquired the event discovery and booking service YPlan. [32] [33]

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References

  1. ↑ Tricia Whitlock (14 May 2014). "Time Out Group acquired Hugecity". Hypepotamus. Retrieved 8 July 2015.
  2. ↑ Chris O'Shea (30 September 2015). "Time Out Group Makes 2 Exec Appointments". Adweek. Retrieved 20 October 2015.
  3. ↑ Key, Alys (24 January 2018). "Time Out's plans for a London foodie market aren't quite defeated yet". www.cityam.com. Retrieved 11 January 2019.
  4. ↑ Nick Kotecki (10 February 2015). "Survey: how many dates before sex". Chicago Sun-Times. Archived from the original on 10 July 2015. Retrieved 8 July 2015.
  5. ↑ Lauren Johnson (11 December 2014). "Which brands boomed and which ones busted in social media this year?". Adweek. Retrieved 8 July 2015.
  6. 1 2 3 Robert Budden (24 September 2012). "Time Out abandons its cover price". Financial Times. Retrieved 8 July 2015.
  7. ↑ "Time Out makes capital gains as free magazine". Campaign. 26 September 2013. Retrieved 8 July 2015.
  8. 1 2 3 4 5 6 Lucia Moses (27 June 2011). "Can Time Out's Tony Elliott weather the storm?". Adweek. Retrieved 8 July 2015.
  9. ↑ "Two men, one road and a most unusual journey". The Herald. 13 April 2007. Retrieved 14 January 2018.
  10. ↑ Mercedes Bunz (21 December 2009). "Time Out London launches iPhone app". The Guardian. Retrieved 8 July 2015.
  11. ↑ Sam Shead (25 February 2014). "Time Out bundles multiple city guides into one global app". Tech World. Retrieved 8 July 2015.
  12. ↑ Nick Batten (27 July 2012). "Time Out launches free iPad app with MasterCard sponsorship". Media Week. Retrieved 8 July 2015.
  13. ↑ Megan Dunsby (16 July 2015). "Flypay to 'transform hospitality' with £7m Time Out investment". StartUps.co.uk. Retrieved 6 August 2015.
  14. ↑ Sweney, Mark (29 April 2016). "Time Out Plans £200m Stock Market Flotation". The Guardian. Retrieved 22 September 2016.
  15. ↑ Hussain, Noor Zainab (9 June 2016). "Time Out to Raise £90 Million in London Listing". Reuters. Retrieved 22 September 2016.
  16. ↑ Glenday, John (16 March 2020). "Time Out rebrands to Time In as coronavirus 'social distancing' takes effect". The Drum. Retrieved 8 March 2021.
  17. ↑ "Gorkana meets...Time Out London". Gorkana Group. 26 January 2015. Retrieved 9 July 2015.
  18. ↑ Maher, Bron (22 June 2022). "Time Out London comes to 'happy, natural end' in print". Press Gazette.
  19. ↑ Caysey Welton (2 April 2015). "Time Out New York transforms into a (mostly) free weekly". Folio. Retrieved 9 July 2015.
  20. ↑ "Time Out New York switching to all-free distribution model". New York Post. 1 April 2015. Retrieved 9 July 2015.
  21. 1 2 Mark Sweney (14 October 2014). "Time Out to launch websites for six UK cities". The Guardian. Retrieved 9 July 2015.
  22. 1 2 Isabel Choat (26 June 2014). "10 of the best restaurants and cafes in Lisbon". The Guardian. Retrieved 9 July 2015.
  23. ↑ "Alliance News Detail - London Stock Exchange". www.londonstockexchange.com. Retrieved 11 January 2019.
  24. ↑ "London Stock Exchange". www.londonstockexchange.com.
  25. ↑ Sophie Madden (8 March 2011). "Time Out Group acquires recommendation software company". Media Week. Retrieved 9 July 2015.
  26. ↑ Angela Sormani (12 December 2011). "Time Out Acquires Kelkoo Select". PE Hub. Retrieved 9 July 2015.
  27. ↑ Louise Ridley (8 April 2013). "Time Out Group buys Chicago title". Campaign. Retrieved 9 July 2015.
  28. 1 2 Grid Business (8 April 2013). "Time Out Chicago finalizes its sale and Feder says goodbye". Chicago Sun-Times. Archived from the original on 10 July 2015. Retrieved 9 July 2015.{{cite web}}: |author= has generic name (help)
  29. ↑ "Time Out Chicago officially sold; Staffers to exit, magazine ceases". Chicagoland Radio and Media. 8 April 2013. Retrieved 9 July 2015.
  30. ↑ Ian Griggs (12 May 2014). "Time Out Group buys Hugecity". Campaign. Retrieved 9 July 2015.
  31. ↑ May, Kevin (12 April 2016). "Time Out Buys HallStreet Travel Startup in Acqui-hire Move". Phocuswire.
  32. ↑ "Time Out Group buys London events company YPlan". City AM. 21 October 2016. Retrieved 21 October 2016.
  33. ↑ "Time Out acquires events discovery and booking platform YPlan for as little as £1.6M". 21 October 2016.
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