Media Innovation

Three Strategic Approaches to Business Transformation

Authored by: Richard A. Gershon

Handbook of Media Management and Economics

Print publication date:  April  2018
Online publication date:  April  2018

Print ISBN: 9781138729292
eBook ISBN: 9781315189918
Adobe ISBN:

10.4324/9781315189918-15

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Abstract

This chapter will examine the importance of innovation (and innovative thinking) to the business success of today’s media and telecommunications companies. Specifically, it will address three important questions. First, what does it mean to be an innovative media business enterprise? Second, why do good companies fail to remain innovative over time? Third, how do good companies create a culture of innovation? A major argument found in this chapter is that the most successful media companies display a culture of creativity and risk-taking with a view toward achieving long-term results. In this chapter, we will consider three strategic approaches to media business transformation. They include: (1) business model innovation, (2) product innovation and (3) business process innovation. Special attention will be given to three companies: Amazon.com, Apple and Netflix. These companies were selected because they introduced a disruptive technology or service that fundamentally changed the competitive business landscape following their respective product launch. Finally, this chapter will consider some new and emerging areas of media innovation research.

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