Food.com – a subsidiary of Scripps Networks Interactive Inc. (SNI) – recently introduced a mobile application which will let users select meals from a broad spectrum of choices comprising 500,000 popular recipes. Moreover, the app helps users to locate grocery stores and find out about local store offers.
McCormick, a leading producer of spices, herbs and flavorings, has sponsored the Food.com app launch. The user-friendly mobile app helps customers select and save menus in a personal recipe box, prepare shopping lists, and avail discount offers at stores. Integrated with a marketing-based software, the app educates the shoppers on different grocery brands, thereby, facilitating organized shopping.
Food.com is one of the leading food networks on the Internet. In an attempt to maintain its popularity and expand its reach, the company has decided to spearhead innovation by developing new apps on advanced technology. Moreover, increased usage of smartphones and tablets and the availability of a wide range of applications on Google Inc.’s (GOOG) Android and Apple Inc.’s (AAPL) iOS software has encouraged the latest app launch by Food.com.
Scripps Networks is a pure-play lifestyle cable network consisting of six channels and operates across 200 countries. All these cable channels have loyal audiences who also view Scripps Networks content on several non-TV platforms. This helps the company to explore the non-TV verticals, such as magazines (print media) and websites (Internet).
Hence, we strongly believe that availability of Scripps Networks’ content on multiple platforms coupled with the launch of such innovative apps will help retain audiences while alluring new viewers, thereby improving the company’s ratings.
Scripps Networks currently has a Zacks Rank #3 (Hold).
A better-ranked stock in the related industry worth considering is SIRIUS XM Radio Inc. (SIRI) with a Zacks Rank #2 (Buy).