Styria Media Croatia launched 24sata TV a few years ago. It didn’t succeed, but lessons were learned and parts are now being used elsewhere.
This is a successful case of failing fast and moving on, according to Boris Trupčević, managing director at Styria Media Croatia, who shared his story as a 7-minute Brainsnacks at the INMA European Media Conference.
24sata is a news media publisher with 150,000 sold copies and one million users on its Web site.
When launching 24sata TV, the company managed to have a spectacular launch, with the prime minister and president coming as guests. Unfortunately, the product failed to be popular or to monetise enough. Trupčević offered two explanations:
- The financial crisis was bad when 24SataTV debuted; the crisis forced the collapse of the advertising market in Croatia.
- The competition launching more infotainment content.
Despite those factors, 24sata invested in a bigger studio, celebrity hosts, and so on ... but it failed again.
24sata decided to return its focus to the Web, its most powerful platform. Now, including its online presence, the company has four times the reach of the most popular TV show in Croatia.
Trupčević left the stage with two pieces of advice:
- When environment changes, be faster.
- Think big ... but start small.