Time Out Group PLC on Tuesday said it will launch Time Out India later this year, following the signing of a franchise agreement.
The London-based global media and hospitality business said it has entered into a franchise deal with Quint Digital Ltd, a media-tech company in India.
‘This new franchise agreement - combining both media and potential market opportunities - will drive revenues via ongoing franchise fees and in addition for markets exclusivity and site pre-development fees without capital expenditure for the group,’ Time Out said.
Chief Executive Officer Chris Ohlund said: ‘This is the first time that a franchise partner in one country will not only operate Time Out Media but will also explore Time Out Market opportunities. This partnership comes at a time when we increasingly operate Media and Market - an unmatched digital and real-life model - as one brand to cement Time Out as a unique proposition, both for consumers and commercial partners to connect with this valuable audience.’
Time Out said the deal offers the opportunity to expand its brand and build a city-focused ecosystem in India ‘for consumers and a wide range of advertisers for which the team will create bespoke multi-channel campaigns spanning both digital content channels and, once markets in India have become operational, digital screens within the markets themselves.’
Quint Digital CEO Ritu Kapur said: ‘Urban India, especially its younger, always-curious crowd, is craving something fresh, bold, and out of the box when it comes to lifestyle and food. With Time Out, we’re excited to bring a game-changing experience to the country.’
Time Out shares rose 1.3% to 27.35 pence each on Tuesday morning in London.
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