The media industry’s business network, the DPP, has published a series of three reports that explore what it takes for media companies to innovate successfully. Making Innovation Pay is the result of in-depth workshops and interviews with 45 senior executives, and made possible by DPP member company, Ownzones.
“Innovation is an overused and misunderstood word – and yet there has never been more need for it in the media industry,” says DPP CEO and author of the reports, Mark Harrison. “This project defines what we mean by innovation, and how companies can be effective at identifying and delivering it.”
The Making Innovation Pay series is made up of three related reports:
Part 1: Defining Innovation – what innovation in the media industry really means
Part 2: Being Innovative – what it takes to be an innovative company
Part 3: Applying Innovation – how to identify and use the innovation that matters
Among the findings is the identification of key turning points in media innovation, including the launch of the Apple iPhone and Netflix streaming video service in 2007, and a sudden shift in 2018 in how many media companies thought about innovation.
Most significantly of all, the research shows that the media industry has a new (but largely untapped) focus for its innovation – around service and customer experience.
“The entire ecosystem is undergoing disruption, and industry leaders are rethinking how they do business and what to plan for the future,” says Ownzones COO and SVP Operations, Bill Admans. “The stakes have never been higher as traditional models have been turned upside down, and new giants have emerged seemingly overnight.”
The findings from Making Innovation Pay will be discussed in a special webcast on Thursday 29 April, featuring Cristina Gomila, MD Content Technology and Innovation, Sky; Paul Cheesbrough, CTO and President of Digital, Fox Corporation; Johanna Bjorklund, CTO and Founder, Adlede and CodeMill; and Diane Bryant, CEO, NovaSignal and Executive Advisor, Ownzones.
The Making Innovation Pay report series can be downloaded by DPP members here.
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