The meta‐trends that are revolutionizing the media and entertainment industry are also rocking other industries. Many industries can learn from this IBM Consulting article’s presentation of trends, its recommended new business model and a scenario of what the industry will be like in the year 2010. The dilemma: digital technology that enables customers to easily copy and distribute new offerings threatens the economics of the industry but also opens new business frontiers. The need: to create an open media company. The closed and proprietary media and entertainment business models of years past will give way to open media business strategies that will enable forward‐looking companies to exploit significant opportunities for profitability within these trends. The economics: while, at present, digital technologies, such as those that permit easy copying, undermine the traditional economics of the media business they also can create new business models and opportunities. New digital technologies will support improved business intelligence, thus enabling the open media firm to identify higher‐value business components and assets. In the uncertain markets described in the scenario, companies will employ advanced data analytics to adapt and respond to changing conditions. Digital management capabilities will likely become a core competency and differentiator. The guidelines: ten strategic guidelines for players evolving toward becoming the open media company of the future are offered.
Emerald Group Publishing Limited
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