In the company’s trading update, ahead of its annual financial year report in March, Time Out Group said its digital business is expected to show e-commerce revenue growth of 57%, with digital ad revenues up 21% and a print revenue increase of 1%.
Julio Bruno, chief executive of Time Out Group, said: "This year all the calculated bets that we took are paying off. So we are going to do more and more Time Out events and unique experiences."
He explained that there will be more online transactions for its events as "we look to sell what people want to do in a city". Bruno added that the plan is to continue to diversify the business in a way that "adds value to our consumers".
However, Bruno was unable to put a figure on the number of extra events given that Time Out is a public company and cannot give forward looking statements. In 2016 the business hosted 250 live events.
The business also expects Time Out Market revenue to have increased 60% in 2017 year on year. The Lisbon location has attracted 3.6 million people, up from 3.1 million in 2016. There are plans to roll this out to Chicago, Boston and Miami.
Time Out announced plans to launch a London version in Shoreditch but has been blocked by Tower Hamlets Council which rejected its planning application. Bruno told Campaign that the business will be appealing this decision which will "take some time".
In terms of print advertising, Bruno believes that the 1% growth is down to Time Out being able to offer a multi-disciplinary approach to advertising, for example a brand is able to simultaneously run a campaign across print, digital, social and live.
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