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2075
JUNE 1, 2007
WENDY STAHL
The Fashion Channel
Introduction
Dana Wheeler, senior vice president of marketing for The Fashion Channel (TFC), sat in her Chicago
office and scrolled through the email messages in her inbox. Thankfully, none required an urgent reply.
She toggled over to her calendar: no meetings for the rest of the day. Finally, she could focus her
thoughts on reviewing her recommendations for TFC’s new segmentation and positioning strategy.
Wheeler believed that she had prepared a solid analysis; she felt confident about the strategy she
was proposing. But next week’s senior management meeting would mark her first big presentation to
the company’s leaders since she had joined TFC, and, she admitted to herself, she was eager to gain the
support of her colleagues.
There was a lot riding on the outcome of this meeting, both for Wheeler and for the channel. If
founder and CEO Jared Thomas and his team liked what they heard, Wheeler would move forward to
implement her recommendations. The company needed to strengthen its competitive position and
would be spending more than $60 million in all national and affiliate advertising, promotion, and
public relations in 2007, based on these recommendations. This would be an increase of $15 million
over 2006 spending.
Background
TFC was a successful cable TV network– and the only network dedicated solely to fashion, with upto-date and entertaining features and information broadcast 24 hours per day, 7 days per week.
Founded in 1996 by two entrepreneurs, it had experienced constant revenue and profit growth above
the industry average almost since the beginning. Revenues for 2006 were forecast at $310.6 million,
marking another steady upswing.
________________________________________________________________________________________________________________
Wendy Stahl prepared this case solely as a basis for class discussion and not as an endorsement, a source of primary data, or an illustration of
effective or ineffective management. Wendy Stahl is vice president of corporate development at creditcards.com. She received her MBA from
Harvard Business School.
This case, though based on real events, is fictionalized, and any resemblance to actual persons or entities is coincidental. There are occasional
references to actual companies in the narration.
Copyright © 2007 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685,
write Harvard Business Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. This publication may not be digitized,
photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School.
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2075 | The Fashion Channel
The channel was also one of the most widely available niche networks, reaching almost 80 million
U.S. households that subscribed to cable and satellite television. 1 Women between 35 and 54 years were
its most avid viewers, according to its annual demographic survey. But beyond basic demographics,
the channel didn’t have much in the way of detailed information about its viewers. Nor did it attempt
to market to any viewer segments in particular. From the beginning, in fact, Jared Thomas had believed
that TFC’s marketing messages should appeal to as broad a group as possible in order to achieve the
highest possible viewership numbers. Early on, the network had chosen “Fashion for Everyone” as the
theme for its marketing programs; one of its more popular series in 2005 had been “Look Great on
Saturday Night for Under $100.”
TFC had clearly grown quickly without articulating any detailed segmentation, branding, or
positioning strategy. However, at the beginning of 2006, the network realized that other networks were
taking note of its success and beginning to add fashion-related programming to their line-ups. TFC
was facing competition that could provide meaningful choices to both viewers and advertisers. By
June 2006, these new competitive dynamics had prompted Thomas to rethink his approach to
marketing. At the quarterly executive meeting that month, he told his senior team: “It’s time for us to
build a modern brand strategy and secure The Fashion Channel’s position as the market leader. I want
to use marketing to lay a foundation for future growth.” At the same meeting, Thomas had announced
plans to sharply increase TFC’s investment in advertising and to hire an experienced marketer to
develop marketing and brand-building programs to support TFC’s continued growth.
Enter Dana Wheeler, in July 2006. Wheeler had a strong background in marketing for packaged
consumer products as well as broad experience in the advertising industry. Thomas expected that
Wheeler would draw on these strengths to help TFC build on the momentum it had created to date
and stave off any competitors trying to make inroads. Still, he and some of the other members of the
leadership team felt an urge to resist change. The network had been highly successful to date and no
one wanted to “break something that isn’t broken.”
Wheeler’s Plans
Wheeler turned back to her computer, opened up the slide-deck presentation she had created, and
started reviewing it. As she began to page through the materials, she was thinking about the trends in
the advertising marketplace that Norm Frazier had been talking about in the sales forecasting meeting
this morning.
Frazier, senior vice president of Advertising Sales, had warned that TFC might need to drop the
price for a unit of advertising next year by 10% or more if the network did not make some changes in
its performance. He mentioned that both Lifetime and CNN had launched fashion-specific
programming blocks that were achieving notable ratings (Exhibit 1). Frazier was a high-energy
salesman who had personally built the strong ad sales performance of the channel. He was justifiably
worried. Wheeler had left that meeting acutely aware that next week’s executive session wasn’t coming
a moment too soon.
Wheeler knew that in order to hold or increase price it would be crucial to attract a critical mass of
viewers who were interested in the network’s content and were also attractive to advertisers. The key
would be targeting the right viewers and offering advertisers an attractive mix of viewers when
compared with what competitors were offering. Wheeler believed she had good market data that
would give her insights into the options for identifying the right segments for TFC. At the same time,
1 There were a total of 110 million households with televisions in the United States. Of those, approximately 70 million TV
households subscribed to cable television service.
2
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she knew that the network needed to maintain its overall audience ratings with the cable consumers
and the cable affiliate distribution network. If the network changed its offerings in a way that
disappointed too many cable subscribers, it could risk losing its distribution support.
Wheeler clicked to the slide that outlined the marketing tools in her arsenal, and then clicked to a
slide near the end of the presentation that revealed an aggressive implementation schedule. Her plan
was to build a strategy for segmentation, and use it as a base to employ all of the marketing tools—
traditional and internet advertising, public relations and promotions—to reach the target consumers
with integrated positioning messages. She also knew that it would take time to create and launch all
the elements of a well-integrated marketing program and that there was no time to waste.
She moved back a dozen slides or so, opening the ones that summarized TFC’s revenue stream from
advertising sales and the slides that considered its revenue stream from cable-affiliate fees. Thomas
and the rest of the senior management team knew this data as well as she did, she assumed. Everyone
felt that advertising was TFC’s primary growth opportunity. She wanted to think about her key
messages one more time to ensure her recommendations would support building revenues as
aggressively as possible.
TFC’s Advertising Revenue Model
First, she reviewed TFC’s advertising revenue model. TFC was on target to generate $230.6 million
in 2006 from advertising. The advertising business model was built on attracting a mix of male and
female viewers on a regular basis as measured by “ratings” (the percentage of television households
watching on average during a measured viewing period.) Across the entire schedule, TFC’s average
rating was 1.0. With 110 million television households in the United States, this meant that on average
1,100,000 people were watching at any point in time. 2
TFC’s Ad Sales team sold access to these viewers via advertising spots (30 or 60 seconds in length)
to a variety of well-known consumer marketers ranging from cosmetics companies to brand name
clothing designers and automobile manufacturers. There were usually six minutes of national ad time
in each half hour of programming, 24 hours per day for a total of 2,016 minutes per week. Wheeler
knew from industry studies that, in 2006, U.S. consumer advertisers spent almost $20 billion buying
spots on cable networks such as TFC. Because there were several hundred cable networks competing
for viewers and the related ad dollars, competition for ad revenue was always fierce across all the
networks.
While competition was intense for advertising overall, TFC remained the only network dedicated
to fashion programming 24 hours per day, 7 days per week. This set up an interesting competitive
dynamic. TFC needed to compete against a broad range of networks for advertising revenues. For
these networks the ad buyers would be most interested in buying ratings and demographics, and less
interested in specific programming subjects. At the same time TFC competed against other fashionoriented programming that would appeal to advertisers who specifically wanted to participate in that
programming context. The strong fashion programming blocks on Lifetime and CNN represented a
double-edged competitive challenge. And if successful, more networks would likely copy the concept,
skimming more viewers and ad dollars from TFC.
2 The ratings metric is used for all television networks and is calculated on the base of all TV households, not the smaller base of
cable households. While some networks are not available in all households, the ratings calculation formula does not change but
remains Viewers/Total TV HH = Ratings. This standardizes the rating metric used in measuring audiences for advertising
purposes.
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Dana reminded herself about the conversation she’d had with Norm Frazier about advertising
pricing. The network based ad unit prices on several factors, which advertisers also monitored,
including the number of viewers (ratings), the audience’s characteristics (age, demographics, and
lifestyle), and general competitive trends. Prices were expressed as CPM (cost per thousand), which
represented the price that an advertiser would pay for an “impression,” or moment of viewing. 3 The
ad market was dynamic because of the relatively fixed supply of advertising on traditional television
networks. Market pricing moved up and down frequently, as advertisers developed new campaigns
that required television support. And, in recent years, the advertising buying process had become very
sophisticated, with many buying agencies and clients using combinations of surveys and “optimizer”
programs to analyze the demographic and psychographic characteristics of audience groups and then
establish pricing parameters that fit the audiences various networks delivered. The output of these
programs would be a recommended advertising placement portfolio for a specific product campaign.
Networks were increasingly evaluated on their ability to deliver specific target groups. Generally,
networks whose audiences were older or had low family incomes commanded lower rates for
advertising. Advertisers would pay a premium CPM to reach certain other groups; in 2006, these were
men of all ages and women aged 18-34. By increasing the ratings in highly valued demographic groups,
the TFC Ad Sales team could achieve CPM pricing increases from 25% to 75%. By attracting a large
number of highly valued viewers, the network had the opportunity to substantially grow its
advertising revenues.
Cable Affiliate Fees
Wheeler next turned to the slides that dealt with the cable affiliate fee revenue stream. Cable affiliate
fees, which were on track to bring in $80 million in 2006, were the second source of TFC revenue. Most
U.S. households subscribed to cable television through local affiliates of a large cable multi-system
operator (nationally, Comcast, Time Warner, Cablevision, and Cox were the largest). Consumers paid
a monthly fee for a basic lineup of channels and incremental fees for premium channels and on-demand
programming. TFC was positioned as a basic channel, so most consumers received it automatically
when they signed up for basic cable service.
Large multi-system operators (MSO) would sign multi-year contracts with networks that specified
the fee the network would receive for each household that received the channel. The local affiliates of
that MSO marketed and distributed the service to consumers in all the local markets for which they
held a franchise. For TFC, this negotiated subscriber fee averaged $1.00 per subscriber per year. The
fee was paid entirely on the basis of carriage and did not go up or down as viewership changed. The
TFC fee was at the low end of the industry range, reflecting the specialty niche content of the network.
ESPN, and other networks that appealed to large numbers of households, charged the highest fees.
Wheeler knew that the cable operators and affiliates carefully monitored customer satisfaction with
network offerings and would threaten to drop unpopular channels. There were case studies of
networks causing viewer outcry from unpopular changes. Consequently, it was important for TFC to
maintain its general satisfaction level and keep the affiliates happy. Because TFC was widely
distributed there was not much upside in affiliate revenue, though, and the general goal for both parties
was to maintain a good equilibrium.
Wheeler closed the slide deck entirely. As far as cable affiliate revenue went, there wasn’t much to
be done, she thought. The network had already achieved virtually full penetration of available cable
households and there was limited opportunity to raise fees. Wheeler knew that the two key levers to
3 The formula for advertising revenue for an individual spot = (Households x Ratings)/1,000 x CPM.
4
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The Fashion Channel | 2075
drive revenue growth would be (1) increased viewership (ratings), and (2) increased advertising
pricing.
She pulled out a legal pad and wrote: “Deliver quality audiences, as demanded by advertisers”
across the top in large print.
Competitive Threats
The phone rang, breaking her concentration. “Dana,” boomed Norm Frazier. “I’m running to a
client meeting but just wanted to connect with you. I wanted to say, in the meeting next week, I hope
we’ll be able to talk about how to pitch TFC against the new fashion content on CNN and Lifetime.
Lifetime is taking away a lot of ad buys from me because they’re attracting younger female
demographics. CNN is starting to deliver some great numbers on men. Both of these segments can be
sold for a premium CPM, so we need to do something to draw these viewer groups back. If you want
to talk before the meeting, just let me know.”
Wheeler shook her head, understanding his impatience, but frustrated just the same. Still, this might
be an opportunity to build consensus. “I’m on it, Norm. And thank you for the offer. I might take you
up on it. My goal is to be able to come out of next week’s meeting ready to take action immediately.”
They hung up, and Wheeler turned once again to her notepad, jotting down key points about the
competitive landscape.
She picked up a folder and pulled out a summary of a recent Alpha research study on customer
satisfaction with cable networks. The study showed that TFC was facing additional competitive
challenges in its attractiveness to cable affiliates. On a scale of 1 to 5 (with 5 being the highest possible
score), TFC had achieved a 3.8 rating on consumer interest in viewing, while the two competitors with
new fashion programming had scored higher: CNN had scored 4.3 and Lifetime a 4.5 On awareness,
TFC had scored 4.1 while CNN scored 4.6 and Lifetime a 4.5. On perceived value TFC was at 3.7, CNN
4.1 and Lifetime 4.4. 4 Cable operators used these data to determine how much to pay for each network,
and also where they would include the network in their consumer offerings. The cable operator needed
to offer service packages (often called tiers) that would appeal to the home consumer and would justify
the monthly cable fee. If a network underperformed the averages, it risked being offered in less
appealing packages, which could mean it would be seen in fewer households.
While TFC had generally scored above the midpoint, these data suggested that it was lagging two
key networks that were now offering competitive programming. To Wheeler this indicated a need for
marketing initiatives to improve consumer interest, awareness, and perceived value. Change would
upset some viewers who liked the network’s current programs and probably some TFC employees as
well, but change would have to come.
She thought back to her final interviews with Jared Thomas, before he had offered her the position
at TFC. “TFC can win in the market if the channel builds its marketing programs around the right
consumer segmentation,” she had told him. “First, you have to identify the customer groups that are
most worth the effort to pursue. You can use market research not only for demographic data but also
to study consumer behavior and attitudes—how viewers use the network, what they value, and what
needs they have.
4 The research had been conducted as a telephone survey of 800 U.S. cable households, who were all able to view all the networks.
Households had been asked to rank the networks on a scale of 1-5 with 5 being the highest possible score: Respondents were asked
to rank on a scale of 1-5 (5= Most/Very/High; 4= Somewhat; 3 =Neutral/neither high nor low; 2= Not much; 1= Lowest/not at all).
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“It’s likely that there‘s a core group willing to become very loyal to our network. These viewers
have an emotional connection to TFC. We can find them and market to them so that we have the
building blocks to create the brand loyalty that is hard for a competitor to take away.”
Thomas had agreed, but confessed to being worried about viewers’ fickleness. “It’s easy to spend
a fortune pursuing viewers who won’t stay with you,” he had cautioned. “There’s an obvious risk in
targeting only some of our customers. Some viewers could quit watching us and our ratings would
decline.”
She wondered what the management team would say when she presented her research and
recommendations. They’d been at the network for several years and been buoyed by the growth that
had been achieved with the something-for-everyone strategy. She expected there would be concern
about doing anything that put revenue at risk, even in the short term.
Attitudinal Research Findings
Wheeler flipped open another folder on her desk to review the most recent consumer research
reports that she’d commissioned. She removed two documents, which contained the highlights of a
national consumer field study that had been completed in the previous month (Exhibit 2) by GFE
Associates, a well-regarded market research firm. The researchers had asked a national panel of
consumers more than 100 questions about their attitudes toward fashion and TFC as a way to
understand the needs that the network served.
Attached to the data highlights was a second document (Exhibit 3) which GFE Associates had
prepared compiling the results into attitudinal clusters. To create these clusters they had run the
answers to all 100 questions through a sophisticated statistical correlation program to analyze patterns
in the way consumers had answered. GFE Associates then constructed profiles for clusters of
consumers who had common attitudes and needs. The report suggested four unique groups of viewers:
Fashionistas, Planners & Shoppers, Situationalists, and Basics. While the segments varied in size,
Wheeler quickly noticed that the smallest—the Fashionistas—had a high degree of interest in fashion.
Wheeler also perceived several possible multi-cluster schemes, each of which would need to be judged
according to
How the scheme would impact the quantity of viewers (ratings);
What the CPM advertising revenue potential would be;
How TFC could be differentiated from current and future competition.
Most of the male interest occurred in the Basics cluster—the least likely to be engaged with TFC
content. Wheeler had already concluded that it would be unwise to pursue additional male viewers
only. Instead, she felt, TFC segmentation and positioning should be targeted at women, particularly
the premium 18-to-34 year-old demographic.
She turned to a summary of the research on women. Since there were women aged 18 to 34 in all of
the clusters, Wheeler first considered maintaining a broad appeal to a cross segment of Fashionistas,
Planners & Shoppers, and Situationalists. By investing in a major marketing and advertising campaign
as well as programming, it would be reasonable to expect that awareness and viewing of the channel
would go up and could, over time, deliver a ratings boost of 20% (from the current 1.0 to 1.2). However,
Ad Sales was forecasting a 10% drop in CPM to $1.80 if the current audience mix stayed the same—
and a broad multi-cluster strategy might not deliver an audience different enough to avoid that fate.
6
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And there was always the risk that the competition would continue to penetrate the premium segments
and further erode TFC’s pricing ability.
An alternative to a broad, multi-segment approach would be to focus more on the Fashionistas.
This segment was strong in the highly valued 18-34 female demographic. It was smaller than the other
segments, representing only 15% of households, and so targeting them might lead to a drop in
viewers—but it would also strengthen the value of the audience to advertisers, with a likely increase
in CPM. Wheeler estimated that this strategy could deliver a rating of 0.8. Ad Sales had given her a
projection of a $3.50 CPM for an audience stronger in the younger, female-oriented Fashionista
segment. In addition to targeting this segment in marketing programs, Wheeler expected that it would
be necessary to invest in new programming to attract and retain the interest of this segment. She
estimated that she would need to spend an additional $15 million per year on programming under this
scenario.
Wheeler was also interested in a third alternative scenario that targeted two segments—the
Fashionistas and the Shoppers/Planners. She estimated that a dual targeting would drive average
ratings over time to 1.2 with a potential CPM of $2.50. For this scenario she would need to spend an
additional $20 million on programming to ensure that there were selections aimed at both segments.
Wheeler knew that her recommendation would have to show how her plan would increase TFC
revenue and also quantify risks if the plan disappointed. She had created a revenue calculator
spreadsheet to calculate the impact of ratings and CPM increases on potential TFC ad revenues (Exhibit
4). Now she opened up a new worksheet and prepared to look at the financial impact of these choices
(see Exhibit 5 for TFC 2006 and 2007 estimated financial statements). She would need to be prepared
for many questions from Thomas and the other members of the leadership team. While everyone was
aware of the changing competitive landscape, they really had not yet faced a decision about making
real changes in order to stay ahead. Dana expected a vigorous discussion.
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2075 | The Fashion Channel
Exhibit 1 Viewer Demographics and Competitor Comparison (% Viewers; Adults over 18 years of age)
All TV Viewers
The Fashion
Channel
Lifetime:
Fashion Today
CNN:
Fashion Tonight
24 x 7
24 x 7
M-F, 9-11 pm
49%
51%
30%
41%
21%
08%
16%
39%
61%
33%
45%
20%
02%
18%
37%
63%
43%
42%
14%
01%
19%
M-F, 8-9 pm
Sat.-Sun, 10-11 pm
45%
55%
27%
40%
26%
02%
17%
Time Period
Male
Female
18-34
35-54
54-74
>74
Income over $100,000
Average rating
NA
1.0
3.0
4.0
Average Households
110M
1.1M
3.3M
4.4M
Programming profile
All
Fashion news,
features, and
information
Fashion news
and information
Fashion news and
features with
celebrity focus
available
(References: US Census, business documents, casewriter estimates)
Rating - % TV households watching on average during measured viewing period.
Total TV households = 110 million
8
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Exhibit 2 GFE Associates: National Consumer Survey (Excerpts)
Sample results from panel survey of consumers (% responding). Consumers were all cable subscribers and were
selected to match the general demographic profile of this population.
Strongly
agree
1. It is important to me to know the most up to date fashion
trends
16%
2. I rely on television reports on fashion to plan what I will
wear to work
Agree
Somewhat
agree
Somewhat
disagree
Disagree
Strongly
disagree
20%
19%
20%
15%
10%
6
11
20
25
18
20
3. I rely on television reports on fashion to plan what I will
wear on special occasions
10
20
25
25
15
5
4. I like to watch special tv programs on current fashion
15
20
30
15
15
5
5. TFC is my favorite channel on cable
15
10
20
16
16
23
6. Shopping for new clothes is one of my favorite leisure
activities
15
20
25
10
15
15
7. I like to shop for clothes for parties and special activities
20
21
20
15
10
14
8. I don’t really enjoy shopping for clothes and only do it
when necessary
15
15
21
20
15
14
9. I don’t need information on fashion, I just wear what
feels comfortable
20
15
20
15
15
15
10. I use fashion information to be sure my family is well
dressed for special occasions
10
15
23
22
20
10
11. I like to know what people are wearing in other parts of
the country
15
10
20
15
20
20
12. Fashion is more interesting than many things on
television
15
12
15
24
19
15
13. I am willing to spend money on special clothes for
special occasions
15
20
20
20
15
10
14. I shop around to find the best value on clothes
14
25
20
20
15
6
15. I like to talk to my friends and family about fashion
20
10
14
25
11
20
17. I participate in hobbies and sports that require special
apparel
20
15
20
19
15
11
18. I like to plan what to wear in advance of work days and
special events
15
20
10
20
20
15
19. I am more interested in fashion than most people
20
24
15
11
15
15
20. Watching fashion programs on television is very
entertaining
25
20
10
10
20
15
21%
28%
20%
12%
10%
21. TFC is the best place on television for fashion
information
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Exhibit 3 GFE Associates: Analysis of Attitudinal Clusters in U.S. Television Households for The
Fashion Channel
Cluster
Involvement
in Fashion
Size of
Cluster
(% HH)
Index: Interest in
Fashion on TV
(100=All viewer
average)
Demographic
Highlights
Attitude Drivers
Fashionistas
Highly
engaged in
fashion
15%
140
Female, 61%
Income > $100k, 30%
18-34, 50%
Anticipate trends
Stay up to date
Think a lot about fashion
Enjoy shopping
Develop fashion expertise
to share
Fashion is entertaining
Planners &
Shoppers
Participate in
fashion on a
regular basis
35%
110
Female, 53%
18-34, 25%
Stay up to date
Enjoy shopping
Fashion is practical
Interested in value
Situationalists
Participate in
fashion for
specific needs
30%
105
Female, 50%
Children in HH, 45%
18-34, 30%
Enjoy shopping for
specific needs
Think about fashion for
specific situations
Fashion is both
entertaining and practical
Interested in value
Basics
Disengaged
20%
50
Female, 45%
Male, 55%
Do not enjoy shopping
Do not spend much time
thinking about what to
wear
Interested in value
Index = Measure of segment interest in Fashion-oriented television
vs. overall household interest in fashion television
10
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Exhibit 4 Ad Revenue Calculator
Ad Revenue Calculator
Current
TV HH
110,000,000
Average Rating
Average Viewers
(thousand)
1.0%
2007 Base
Scenario 1
Scenario 2
Scenario 3
110,000,000
110,000,000
110,000,000
110,000,000
1,100
Average CPMa
Average Revenue/
Ad Minuteb
$2,200
$0
$0
$0
$0
Ad Minutes/Week
2,016
2,016
2,016
2,016
2,016
Weeks/Year
52
52
52
52
52
Ad Revenue/Year
Incremental
Programming Expense
$230,630,400
$0
$0
$0
$0
$2.00
a Revenue/Thousand Viewers
b Calculated by multiplying Average Viewers by Average CPM
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May 2020.
For the exclusive use of A. Hong, 2020.
2075 | The Fashion Channel
Exhibit 5 TFC Estimated Financials for 2006 and 2007.
2006 Actual
2007 Base
Scenario 1
Scenario 2
Scenario 3
Assumptions
Revenue
Ad Sales
Insert scenario results
from revenue
calculator
$230,630,400
Affiliate Fees
$80,000,000
$81,600,000
$81,600,000
$81,600,000
$81,600,000
Total Revenue
$310,630,400
$81,600,000
$81,600,000
$81,600,000
$81,600,000
$70,000,000
$72,100,000
$72,100,000
$72,100,000
$72,100,000
Grows 2% per year
with population
Expenses
Cost of Operations
Add incremental
programming
expense
Cost of
Programming
$55,000,000
Ad Sales
Commissions
$6,918,912
Marketing &
Advertising
$45,000,000
SGA
$40,000,000
$41,200,000
$41,200,000
$41,200,000
$41,200,000
$216,918,912
$113,300,000
$113,300,000
$113,300,000
$113,300,000
Total Expense
Net Income
Margin
12
Grows 3% per year
with inflation
3% of ad sales
revenue
Reflects increased
spending of $15M
Growing with
inflation 3%
Spreadsheet calculates
automatically
$93,711,488
Spreadsheet calculates
automatically
30%
Spreadsheet calculates
automatically
BRIEFCASES | HARVARD BUSINESS SCHOOL
This document is authorized for use only by Alvin Hong in Marketing Managment-2020S-MKT 449 taught by ROGER SMITH, California State University - Dominguez Hills from Jan 2020 to
May 2020.
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