Book contents
- Frontmatter
- Contents
- Introduction
- 1 Making Media: Production, Practices, and Professions
- Production
- Research
- 2 Media Industries: A Decade in Review
- 3 Media Production Research and the Challenge of Normativity
- 4 Access and Mistrust in Media Industries Research
- 5 Cultural and Creative Industries and the Political Economy of Communication
- 6 The Platformization of Making Media
- Economics and Management
- 7 The Disappearing Product and the New Intermediaries
- 8 Value Production in Media Industries and Everyday Life
- 9 Transformation and Innovation of Media Business Models
- 10 Shifts in Consumer Engagement and Media Business Models
- 11 Media Industries’ Management Characteristics and Challenges in a Converging Digital World
- Policy
- 12 Global Media Industries and Media Policy
- 13 Media Concentration in the Age of the Internet and Mobile Phones
- Practices
- Innovation
- 14 Making (Sense of) Media Innovations
- 15 Start-up Ecosystems Between Affordance Networks, Symbolic Form, and Cultural Practice
- Work Conditions
- 16 Precarity in Media Work
- 17 Making It in a Freelance World
- 18 Diversity and Opportunity in the Media Industries
- 19 Labour and the Next Internet
- Affective Labour
- 20 Affective Labour and Media Work
- 21 Affective Qualities of Creative Labour
- 22 A Business of One or Nurturing the Craft: Who are You?
- Professions
- Music
- 23 Music in Times of Streaming: Transformation and Debate
- 24 Popular Music, Streaming, and Promotional Media: Enduring and Emerging Industrial Logics
- Television
- 25 Show Me the Money: How Revenue Strategies Change the Creative Possibilities of Internet-Distributed Television
- 26 Flexibility, Innovation, and Precarity in the Television Industry
- Social Media
- 27 Creator Management in the Social Media Entertainment Industry
- 28 #Dreamjob: The Promises and Perils of a Creative Career in Social Media
- Public Relations and Advertising
- 29 Redefining Advertising in a Changing Media Landscape
- 30 Perceptions and Realities of the Integration of Advertising and Public Relations
- Digital Games
- 31 Game Production Logics at Work: Convergence and Divergence
- 32 Reflections on the Shifts and Swerves of the Global Games Industry
- Journalism
- 33 ‘It Never Stops’: The Implicit Norm of Working Long Hours in Entrepreneurial Journalism
- 34 Transmedia Production: Key Steps in Creating a Storyworld
- Conclusion
- 35 Making Media: Observations and Futures
- Author Biographies
10 - Shifts in Consumer Engagement and Media Business Models
Published online by Cambridge University Press: 24 November 2020
- Frontmatter
- Contents
- Introduction
- 1 Making Media: Production, Practices, and Professions
- Production
- Research
- 2 Media Industries: A Decade in Review
- 3 Media Production Research and the Challenge of Normativity
- 4 Access and Mistrust in Media Industries Research
- 5 Cultural and Creative Industries and the Political Economy of Communication
- 6 The Platformization of Making Media
- Economics and Management
- 7 The Disappearing Product and the New Intermediaries
- 8 Value Production in Media Industries and Everyday Life
- 9 Transformation and Innovation of Media Business Models
- 10 Shifts in Consumer Engagement and Media Business Models
- 11 Media Industries’ Management Characteristics and Challenges in a Converging Digital World
- Policy
- 12 Global Media Industries and Media Policy
- 13 Media Concentration in the Age of the Internet and Mobile Phones
- Practices
- Innovation
- 14 Making (Sense of) Media Innovations
- 15 Start-up Ecosystems Between Affordance Networks, Symbolic Form, and Cultural Practice
- Work Conditions
- 16 Precarity in Media Work
- 17 Making It in a Freelance World
- 18 Diversity and Opportunity in the Media Industries
- 19 Labour and the Next Internet
- Affective Labour
- 20 Affective Labour and Media Work
- 21 Affective Qualities of Creative Labour
- 22 A Business of One or Nurturing the Craft: Who are You?
- Professions
- Music
- 23 Music in Times of Streaming: Transformation and Debate
- 24 Popular Music, Streaming, and Promotional Media: Enduring and Emerging Industrial Logics
- Television
- 25 Show Me the Money: How Revenue Strategies Change the Creative Possibilities of Internet-Distributed Television
- 26 Flexibility, Innovation, and Precarity in the Television Industry
- Social Media
- 27 Creator Management in the Social Media Entertainment Industry
- 28 #Dreamjob: The Promises and Perils of a Creative Career in Social Media
- Public Relations and Advertising
- 29 Redefining Advertising in a Changing Media Landscape
- 30 Perceptions and Realities of the Integration of Advertising and Public Relations
- Digital Games
- 31 Game Production Logics at Work: Convergence and Divergence
- 32 Reflections on the Shifts and Swerves of the Global Games Industry
- Journalism
- 33 ‘It Never Stops’: The Implicit Norm of Working Long Hours in Entrepreneurial Journalism
- 34 Transmedia Production: Key Steps in Creating a Storyworld
- Conclusion
- 35 Making Media: Observations and Futures
- Author Biographies
Summary
The media industry is changing to adapt to an environment that is characterized by the fragmentation of media options, competition for attention, and empowered audiences. Consumer engagement has become the key to success for many media companies. This chapter reviews the shifts of business models in the media industry and discusses how media consumer engagement is becoming the fundamental driver of value creation in media companies’ business strategies.
Introduction
In most market-driven countries that allow for private enterprises and/or commercial activities, the media industry, like all other consumer goods or service industries, has certain business characteristics that drive its operations. In other words, for media companies that do not exist solely by public mandates, a primary goal would be to make money. In its simplest definition, a business model describes what a company plans to do to make money (Ovans, 2015). What is of central importance for media companies to achieve this goal is to attract and retain audiences. If there is no audience, media content is of no commercial value. To attract and retain audiences, media companies need to create value for them at the right time and in the right context.
The global media market is in a challenging, but also exciting time. Constant technological changes fuel competition, fragmentation, and uncertainty. At the same time, there are new opportunities to interact with audiences, cultivate communities, and even source interesting content from audiences. Indeed, the most significant implication of communication technology advances in the last decade is the empowerment of consumers. Today's audiences are no longer passive recipients of content, but empowered media consumers who can co-create value in the new media ecosystem. Therefore, in this time of change, the best way to understand how the media industry is shifting its operations to adapt to the environment is to learn how it plans to make money by creating value for and harvesting the value co-created by its audiences.
This chapter reviews the shifts of business models in the media industry and discusses how media consumer engagement is becoming the fundamental driver of value creation in media companies’ business strategies. The core proposition here is that the consumption of media content can be enhanced by data-based audience intelligence and engagement, thus creating value for both the audience and media (see Figure 1).
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- Information
- Making MediaProduction, Practices, and Professions, pp. 133 - 146Publisher: Amsterdam University PressPrint publication year: 2019