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<ul><li>Welcome. </li></ul><ul><li>An introduction to our innovation research </li></ul><ul><li>Michael P. Smith </li></ul><ul><li>Media Management Center </li></ul>

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Agenda: About the Media Management Center Readership Institute Graduate education Executive education Recent research from the Center Running While the Earth Shakes Six Competencies Teen Internet Study

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Innovation strategies in media companies <ul><li>Build your company around consumer experiences </li></ul><ul><li>Engage in continuous innovation </li></ul><ul><li>Invest in the workforce of the future </li></ul><ul><li>Seed, grow, nurture and embrace communities </li></ul><ul><li>Grow through partnerships and collaboration </li></ul>

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<ul><li>Six Competencies </li></ul><ul><li>of the </li></ul><ul><li>Next Generation Media Organization </li></ul>

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Technology Trend One device performing all functions from telephone, to TV to Internet access Rather than one screen serving many purposes, our interviews confirmed the continued existence of discreet screens Device Convergence

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Six Competencies of the Next Generation News Organization Complete Storyteller Entrepreneur Data Miner Marketer Platform Strategist Community Builder

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Competency #1: The Platform Strategist How can I move eyeballs from one platform to another? -Kenneth A. Bronfin, President, Hearst Interactive Media “ ”

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<ul><li>Know the platforms, technologies and players </li></ul><ul><ul><li>- Develop a strategy to meet discrete needs of every screen experience </li></ul></ul><ul><li>Know the consumer </li></ul><ul><li>- Capture new market opportunities </li></ul><ul><li>Know the organization </li></ul><ul><ul><li>- Understand your own strengths and weaknesses </li></ul></ul>Platform Strategist Skills

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◄ 30-inch screen

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◄ 13-inch screen

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3-inch ► screen

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The Platform Strategist

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Kindle partnerships

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Content when the consumer wants it

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The Platform Strategist Content on new platforms

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Six Competencies of the Next Generation News Organization Complete Storyteller Entrepreneur Data Miner Marketer Platform Strategist Community Builder

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Competency #2: The Marketer A lot of media executives are trying to figure out how to keep up with technology. In order to answer those questions, you have to first ask these questions: What is your identity? What is your brand? – Amy Vickers, Director, Global Enterprise Solutions, Avenue A l Razorfish ” “

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<ul><ul><li> Power to new players, </li></ul></ul><ul><ul><li>including amateurs </li></ul></ul><ul><li>Technology trends will favor media brands that can create strong audience engagement </li></ul><ul><ul><li>Democratization of Media </li></ul></ul>Technology Impact The Marketer

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Marketer Skills <ul><li>Differentiate on Content </li></ul><ul><ul><li>Define your brand </li></ul></ul><ul><ul><li>Define content </li></ul></ul><ul><li>2) Differentiate on Opinion </li></ul><ul><ul><li>Promote perspectives </li></ul></ul><ul><ul><li>Promote the perspectives of others </li></ul></ul>

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How do we get their attention?

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Strong Brand Position FAMILY FUN BREAKING NEWS SPORTS SEARCH CELEBRITY NEWS POLITICS The Marketer KNOWS ATLANTA BEST

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The Marketer

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Using new tools to find audiences The Marketer http://www.chicagotribune.com/about/chi-community,0,7900944.htmlstory

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Six Competencies of the Next Generation News Organization Complete Storyteller Entrepreneur Data Miner Marketer Platform Strategist Community Builder

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<ul><li>How can I aggregate communities </li></ul><ul><li>around passionate interest? </li></ul><ul><li>- Ben Elowitz, Chief Executive Officer, Wetpaint.com, Inc. </li></ul>Competency #3: The Community Builder ” “

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<ul><li>Driving Collaboration </li></ul><ul><ul><li>How can you involve others in the reporting and sharing of news? </li></ul></ul><ul><ul><li>News organization must hold communities together and aggregate around interests </li></ul></ul><ul><li>2) Employing Micro-segmentation </li></ul><ul><ul><li>Targeting segments of consumers with similar interest </li></ul></ul><ul><ul><li> profiles is possible </li></ul></ul>Community Builder Skills

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and The Community Builder

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Sports communities are growing The Community Builder

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Sports communities are growing The Community Builder

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Micro-segmentation ” “ Interests are micro-segmented; people have very specific interests and they’re looking to connect with content and other people who share those very specific micro-segmented interests. -Ben Elowitz, Chief Executive Officer, Wetpaint.com, Inc. The Community Builder Sports Fan Football Fan Boston College Mathias Kiwanuka

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Personal interests drive content communities The Community Builder http://newsmixer.us/

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Personal interests drive content communities The Community Builder

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Personal interests drive content communities

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Web 2.0 enables content creators The Community Builder

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Six Competencies of the Next Generation News Organization Complete Storyteller Entrepreneur Data Miner Marketer Platform Strategist Community Builder

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<ul><li>Personalization has to happen. The publishers that allow the consumer to be in control will survive because if they aren’t, they can certainly go elsewhere. </li></ul><ul><li>- Susan Hickey, Chief Marketing Officer, Nielsen Online </li></ul>Competency #4: The Data Miner “ ”

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Rapid increase in quality of information available Technology will participate with users in learning from their expressed choices and activities Richer information of individuals and groups Technology Impact The Data Miner

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Data Miner Skills <ul><li>Use technology efficiently </li></ul><ul><ul><li>Store and retrieve content </li></ul></ul><ul><ul><li>Store and retrieve data about your consumers </li></ul></ul><ul><li>Become an expert at customization </li></ul><ul><ul><li>Editor-in-software technologies </li></ul></ul><ul><li>3) Generate new revenue streams </li></ul><ul><ul><li>Package information in interesting ways </li></ul></ul>

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Why not have a simple, searchable, filterable, library of content connected with the player to very quickly find what you want, either directly on your computer or on your mobile device? -- Cameron Brain, President and CEO, Open Box Technologies “ ” The Data Miner

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Hal Varian: “What’s ubiquitous and cheap? Data. What is scarce? The analytic ability to utilize the data.”

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Data are becoming the new raw material of business: an economic input almost on a par with capital and labour.

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“ The data-centred economy is just nascent. “You can see the outlines of it, but the technical, infrastructural and even business-model implications are not well understood right now.”

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… as analytical techniques become more widespread, business decisions will increasingly be made, or at least corroborated, on the basis of computer algorithms rather than individual hunches. This creates a need for managers who are comfortable with data, but statistics courses in business schools are not popular.

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In recent years there have been big advances in displaying massive amounts of data to make them easily accessible. This is emerging as a vibrant and creative field melding the skills of computer science, statistics, artistic design and storytelling.

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Now the information flows in an era of abundant data are changing the relationship between technology and the role of the state once again. Many of today’s rules look increasingly archaic. Privacy laws were not designed for networks. Rules for document retention presume paper records. And since all the information is interconnected, it needs global rules.

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The Data Miner

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Six Competencies of the Next Generation News Organization Complete Storyteller Entrepreneur Data Miner Marketer Platform Strategist Community Builder

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The one thing you can’t deny is we are in an increasingly visual society. -David Hobby, photojournalist, The Baltimore Sun and author of the blog Strobist Competency #5: The Complete Storyteller ” “

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Visual content will be shared seamlessly, quickly and effortlessly There will be ever-increasing outlets for visual journalism and storytelling Technology Impact Digital technologies give a much broader palette and set of tools to use in storytelling The Complete Storyteller

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<ul><li>Providing rich context </li></ul><ul><ul><li>Need for contextual history in news stories </li></ul></ul><ul><ul><li>Adopt tagging </li></ul></ul><ul><li>2) Creating Interactivity </li></ul><ul><ul><li>Stories must engage and interact with audience </li></ul></ul><ul><li>3) Visualization of information and design </li></ul><ul><ul><li>Communication of ideas through visual display of </li></ul></ul><ul><ul><li> information </li></ul></ul>Complete Storyteller Skills

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The Complete Storyteller

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The Complete Storyteller

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Slideshow Format Source: www.nationalgeographic.com The Complete Storyteller

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… versus The Big Picture The Complete Storyteller

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The Complete Storyteller http://lojoconnect.com/

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GPS-based Applications

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The Complete Storyteller

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The Complete Storyteller

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The Complete Storyteller

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The Complete Storyteller

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The Complete Storyteller

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Six Competencies of the Next Generation News Organization Complete Storyteller Entrepreneur Data Miner Marketer Platform Strategist Community Builder

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<ul><li>News organizations will need to figure out what the end consumer is going to want and what they are willing to pay for. </li></ul><ul><li>- Albert Cheng, Executive Vice President, Digital Media, Disney-ABC Television Group </li></ul>Competency #6: The Entrepreneur ” “

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<ul><ul><ul><li>Creating partnerships </li></ul></ul></ul><ul><ul><ul><li>Experimentation </li></ul></ul></ul><ul><ul><ul><ul><li>Keep pace with innovations </li></ul></ul></ul></ul><ul><ul><ul><li>New revenue models </li></ul></ul></ul><ul><ul><ul><ul><li>New models will develop rapidly </li></ul></ul></ul></ul>Entrepreneur Skills

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The Entrepreneur

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The Entrepreneurial Journalist <ul><li>Know your passion. </li></ul><ul><li>Create a clear, authoritative, respected voice. </li></ul><ul><li>Always maintain your independence. </li></ul><ul><li>Carefully navigate the ethical waters. </li></ul><ul><li>Drive traffic, and partner serially with bigger players. </li></ul>The Entrepreneur

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Ezra Klein The Entrepreneur

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Andrew Sullivan The Entrepreneur

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The Entrepreneurial Journalist <ul><li>Know your passion. </li></ul><ul><li>Create a clear, authoritative, respected voice. </li></ul><ul><li>Always maintain your independence. </li></ul><ul><li>Carefully navigate the ethical waters. </li></ul><ul><li>Drive traffic, and partner serially with bigger players. </li></ul>The Entrepreneur

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Six Competencies of the Next Generation News Organization Complete Storyteller Entrepreneur Data Miner Marketer Platform Strategist Community Builder

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Thank You