Digital Media and Innovation takes an in-depth look at how smart, creative companies have transformed the business of media and telecommunications by introducing unique and original products and services. Today’s media managers are faced with the same basic question: what are the best methods for staying competitive over time? In one word: innovation. From electronic commerce (Amazon, Google) to music and video streaming (Apple, Pandora, and Netflix), digital media has transformed the business of retail selling and personal lifestyle. This text will introduce current and future media industry professionals to the people, companies, and strategies that have proven to be real game changers by offering the marketplace a unique value proposition for the consumer.
Chapter 2: Business Model Innovation
Business Model Innovation
I do not think there is any thrill that can go through the human heart like that felt by the inventor as he sees some creation of the brain unfolding to success. . . .
I believe you have to be willing to be misunderstood if you’re going to innovate.
Business model innovation involves creating entirely new approaches for doing business. Business model innovation is transformative; that is, it redefines the competitive playing field by introducing a unique value proposition to the consumer.1 In the book Blue Ocean Strategy, business authors Kim and Mauborgne (2005) make the argument that in order to create new growth opportunities, innovative companies fundamentally change the business landscape by introducing an altogether new ...