In Lisbon this spring, Time Out replaced the burger restaurant in the market there on editors’ advice.Įditors also help sustain interest in the markets. Though participating restaurants lock into long-term commitments, editors keep an eye on the food and the performance. Editors in each city identify which restaurant owners should be in the market, for example, and play key roles in determining whether a restaurant should stay involved in the market. While Time Out Group operates its media and markets teams as separate lines of business, they work together continuously, Bruno said. “The obvious catalyst for the shares over the next 12 months is the opening of Time Out Markets across North America,” Liberum analyst Andrew Bryant wrote in a spring note. “The markets’ roll-out finally accelerating not only helps underpin the move into group profitability, but more importantly, should evidence the sum-of-the-parts equity value of Time Out.”
That same research projects that Time Out Group will turn a profit in 2020. markets Time Out is supposed to open this year are expected to generate $15 million in revenue in 2019, and become solidly profitable by 2020, with an estimated $11.2 million in EBITDA on estimated $55 million in revenue, according to research released by investment bank Liberum in March. To return to profitability, the market concept should provide the momentum: The four U.S.
Those changes haven’t been enough to get the company back into the black, but they pointed the company in the right direction: Time Out Group lost $10.2 million last year, compared to an $18 million loss in 2017, according to public company filings. On the media side, digital advertising accounted for $18.8 million and e-commerce $7.9 million, compared to $19.4 million in print ads revenue. The Lisbon market, which had revenues of $11.4 million, accounted for 18 percent of the group’s revenues. Time Out has been on a yearslong mission to develop new lines of revenue, such as commerce and live events, while managing losses in print advertising. In 2018, Time Out Group generated $61.6 million in revenue.
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