Daily Dealing Happli Unhappily Closes its Doors <!– –> <!– –>
Turn out the lights, the party is over
It only took six months for the owner of the Daily Mirror to realize that its daily deals website, Happli, wasn’t going to make it. Trinity Mirror forked out £10million on the website (about $16.2 million) with the hopes that Happli would return over £20million ($32.4 million) over the next two years. The Daily Mirror found out, like most deal sites have, that it was unlikely to be profitable in the near term. Happli was launched in March and included a massive advertising campaign with full-page ad in the Mirror and regional titles. At that point in time, Trinity Mirror believed the market for online deals was worth £100million ($162 million) in 2011 and was expected to grow to more than £1billion ($1.62 billion) by 2016. Happli was promoted and available in at least 50 UK markets and had 30 employees. The website’s mission was to attract and retain loyal, long-term customers for local and national retailers. Unfortunately the writing was on the wall, it was time to turn out the lights, the party was over for Happli. New positions, bonuses and farewells The closure was announced by new Chief Executive Officer Simon Fox and included a managerial realignment. Now, the national and regional divisions fall under one structure. The consolidated publishing operation will be managed by the managing director of the national division, Mark Hollinshead. Mr. Hollinshead will also be given the title of Chief Operating Officer (COO) and a sweet £375,000 a year (about $605,000). Topping that off is the potential bonus equivalent to 75% of his salary; £280,000 ($450,000). Besides this potential annual bonus, Mr. Hollinshead is able to participate in the group’s long-term incentive plan. Meanwhile, as a result of the new structure, Georgina Harvey (the managing director of regionals) and Nick Fullagar (the director of corporate communications) are saying farewell and will be leaving the business. Mr. Fox joined Trinity after leaving the entertainment group HMV. He promises to provide a strategic update early next year.
Creating a lean mean media machine According to the Yorkshire Post, Mr. Fox stated; “What has become clear in my first few weeks is that realizing this potential requires a flatter and more efficient management structure that connects strategic decision-making more closely with the journalistic heart of the business.” Free Presentation Social Free Presentation Social Confidence Secrets Your Browser Does Not Support Flash...
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Trinity Mirror is also tightening its belt in lieu of its latest financials. The company recently said that revenues fell 4 % in the first half of 2012; pointing the finger to the economic issues in the northern cities causing softer paper sales and a 10% hit to advertising revenues. However, the company mentioned that bottom line profits rose to £52.5million ($84.8 million) as it moved forward with a cost-cutting drive, which includes job cuts, changing regional titles to weekly publications and integrating its Scottish operations as Media Scotland. Yorkshire Post
Daily Dealing Happli Unhappily Closes its Doors
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Published on Oct 22, 2012