Amir Malin is a leading innovative thinker in the independent film industry who took struggling home video and film production company Artisan Entertainment from failure to success in just six years.
The company formerly known as LIVE Entertainment had made a name for itself in the 1990s with titles like Reservoir Dogs, but was struggling with debt. Bain Capital invested and under CEO Amir Malin’s direction, pivoted their business blueprint using a variety of strategies. The restructuring led to a successful merger between Artisan and Lionsgate which drew a 700% return of investment, cementing Artisan’s place as a leading filmed-entertainment company.
These key strategies that Malin utilized to turn around the destiny of Artisan Entertainment serve as effective tools for entrepreneurs to achieve growth and impact in any industry.
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Diversify your portfolio
In any industry it’s integral to invest in a diverse range of assets. A well-rounded portfolio will help mitigate risk as trends in the market change, and ensure multiple avenues for success. This is especially true in film and content production, where changes are always happening in format, genre, platform, and technology.
With a diverse range of content you have the best chance of hitting many different audience demographics and achieving a higher overall value. This could lead to distribution deals and other paths to sustained growth.
Under the direction of Amir Malin and a team of executives including producer Bill Block, Artisan expanded their catalog of titles from 2,500 to over 7,000 in brand new acquisitions including It’s A Wonderful Life and the independent hit Golden Pond. With these updates Artisan was able to move beyond its previous reputation and offer a richer and more diverse content portfolio with higher-value film assets.
Distribution is one half of a company. In a saturated marketplace, it’s necessary to be creative in the ways you reach your customers. It’s imperative to look at innovative and new strategies to distribute products and services to reach new audiences and get ahead of the competition. Companies might try to expand to online platforms, physical storefronts, or both.
It’s easy to see how true this is in films and TV. The distribution landscape in the entertainment world has been rapidly changing in recent years with the takeover of streaming as a popular way to access entertainment content.
New and innovative distribution strategies were a major part of Amir Malin’s restructuring of Artisan. In addition to expanding their film portfolio with new acquisitions, they also used sales of the unprofitable assets to focus on expanding their production portfolio. Taking to a multitude of new platforms including theatrical, pay-per-view, and TV, they continued to reduce expenses and expand areas for possible growth.
Focused Growth Marketing
Growth marketing, a type of marketing that focuses on rapid growth, is essential to building a company into something bigger. It’s not just an easy fix. Effective marketing is a combination of focused initiatives and devoting time to the process. If done right, marketing can expand the reach of a company, influence its audience, and transform the way customers see the product.
There are many ways to approach marketing now, from social media to content marketing, all of which can bolster brand awareness and increase engagement. But super effective marketing growth marketing strategies involve big picture thinking that transcends the tech-savvy tricks of the trade. You have to craft a strong brand and make it meaningful to the audience.
One of the strategies that kicked off Artisan’s transformation from an unprofitable company in the 1990s to the major media company that it became was the focus on growth marketing and the strong strategic marketing approach that it took. Artisan wrote the book and was the original studio to utilize social media in its award winning marketing campaign for The Blair Witch Project.
Adaptability and Flexibility
Potentially the greatest strategy of all in any type of entrepreneurship is the ability to adapt and overcome. All industries are evolving constantly alongside technological changes and market fluctuations. The entertainment industry is known for being especially high-paced and prone to fluctuations in trends and audience demands.
Even with all of these business strategies in your pocket, you’ll never survive if you can’t adapt. It’s important to above all maintain an adaptable approach and be able to accurately assess and adjust your approaches. Being flexible doesn’t just mean making changes as you go. It also means being resilient in the face of unforeseen challenges and disruptions to be ready for every opportunity for success and stay in the competition.
The magnificent success of Artisan Entertainment is owed to their innovative tactics in diversifying their asset portfolio, expanding into innovative new distribution methods, focusing intently on growth, and remaining adaptable to change. These strategies can be applied to any industry to seize opportunities, navigate challenges, and ultimately grow and succeed.