In an interesting piece on the problems at MySpace under Murdoch, Om Malik mentions this:
Kevin also mentioned that Murdoch, and every large media company, need to think like startups.
Good advice – but only to a point. The fact is that News Corp (like all major media companies) can currently make more money online creating products which leverage other assets they own than standalone digital-only properties.
One simple example: a site tying into Avatar will have an instant audience and massive opportunity for cross-promotion and cross-sell, as long as it doesn’t suck. It won’t take years to build audience, won’t have large ongoing costs, and won’t need to have much in the way of work done on visual identity. It’s an instant money-spinner.
So if News Inc was developing digital-only properties from scratch, as I’m sure it will do in the future, “think like a startup” is good advice. But most of the time, it needs to “think like a corporate” – creating digital properties based on other media, linking them all together, and using the power of old media to create instant brand identity in the digital space.
(Picture via World Economic Forum)
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