ACCG100 The Origins of FlixCity Case Study & Accounting In Society - Accounting Assignment Help

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The Origins of FlixCity 

Nicholas Robbins is your typical example of an Australian Gen  Y’er. He completed his HSC, went on to study media at university  and graduated in 2010 with a Bachelor in Media Studies. Sadly,  whilst he was completing his final year, Nicholas’ grandfather  passed away, bequeathing him an unused warehouse premises located in the commercial  district not far from where the family lived in the southern suburbs of Sydney.  

Once his exams were over, Nicholas set about converting the warehouse space into a venue  for family and friends to gather, watch movies and play online games. Over the next couple  of months, he spent his weekends driving around Sydney, looking for lounges and furniture  that people were disposing of in council roadside collections to fit out his venue. Amongst  other things, he was able to scavenge unwanted widescreen TVs, desks, DVD players and computer equipment. By February of 2011, Nicholas had created a recreational space that  family and friends could enjoy together.  

As time went by, Nicholas found increasingly, that his “space” was in serious demand – Jeannie, his Mum had a regular booking on a Wednesday, where she invited her friends for  lunch and a movie; most Saturday evenings, Nicholas’ brother, Patrick hosted gaming  tournaments with his mates, who all brought their own gaming equipment; his sister, Annie  used the space regularly for movie nights with her friends; and Nicholas’ Dad, James, had  reserved Friday nights for watching the “footy” with his buddies. The rest of the week was  often booked out by other family and friends for functions ranging from social get-togethers,  to birthday parties, and even the occasional bucks’ night.  By April 2011, Nicholas secured a full-time position with a media organisation, but continued  to keep his space operating for himself, his family and friends. News spread about Nicholas’  space, mainly by word of mouth to friends of friends in the beginning and then via Facebook as well as other social media. By 2013, he found that he could start charging enough for the  service he was providing to cover the electricity and other ongoing expenses, plus make a  modest profit for himself.  

It wasn’t until around February of 2015, it occurred to Nicholas that this space could actually  grow into a viable business for him. Whilst he was able to charge a small mark-up on his costs,  he now recognised that with the increasing demand for the space, there was real money to  be made by promoting it to the general public. By using his knowledge of, and contacts within  local media outlets through his work, Nicholas believed he could successfully promote his  unique service to the wider community. His idea was to create a mini-cinema (seating around 60 people) and a gaming precinct. Over  the following few months, Nicholas’ spare time was consumed with looking into the possibility  of purchasing or leasing new computer equipment, gaming consoles, lounges, and furniture. With Patrick’s help, he researched the latest and most popular games, and investigated the  costs involved in buying commercial licenses for those they determined would attract the  most interest from the local gaming community. Nicholas also investigated the costs involved  in either leasing or buying cinema seating, a projector, and a theatre screen.  

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