Time Out’s revenue from its market in Portugal more than doubled last year, the media and e-commerce company today revealed.
The Time Out Market in Lisbon, which opened in 2014, attracted an estimated 3.1m visitors in 2016, a 63 per cent year-on-year increase. The company believes it may be the Portuguese capital’s most popular attraction.
The UK-listed company, still best known for its weekly events and culture magazine, reported market revenue growth of 110 per cent for 2016 in a trading update issued today.
Time Out is also planning to launch new markets in London and Miami.
As a whole, the group is expected to report growth for the year of 23 per cent, or 17 per cent at constant currency, with the second half showing faster growth than the first.
Time Out Digital revenue is expected to be up 39 per cent, including 36 per cent in advertising, when the group reports its maiden annual results on 28 March.
“I’m encouraged by the growth we’ve seen in particular across key areas like digital advertising and e-commerce as well as Time Out Market,” said chief executive Julio Bruno.
Time Out Market in Lisbon has been visited by 3.1m people in 2016, that’s a growth of 63 per cent compared to 1.9m visitors in 2015. It’s now arguably the most popular attraction in the city.
We’re very proud of this achievement and it’s a proof of the format which we plan to bring to other cities, such as London and Miami amongst others.
Time Out’s Lisbon market in action: