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The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
The Mogul's Guide To TMT
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The Mogul's Guide To TMT

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Hello Tech, Media, & Telecom, Meet The Future

Hello Tech, Media, & Telecom, Meet The Future

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  • 1. THE MOGUL’S GUIDE TO TMT HELLO TECH, MEDIA, & TELECOM, MEET THE FUTURE Joseph Mathew | J.D./M.B.A. University of Virginia josephmathew10@gmail.com | (706) 255-9793 September 15, 2013 Executive Level
  • 2. TABLE OF CONTENTS 2 Black Box Breach DragonRex 11 IceDragon 19 Investors Only 25 Empire Building 27 Appendix I: IceDragon Perspectives Analysis 41 Appendix II: Media Industry General Overview 44 Overview 3 6
  • 3. 3 OVERVIEW
  • 4. THE MOGUL’S GUIDE: OVERVIEW  This guide is intended as a chart for intelligent media and technology chief executives o To be used in navigating the dark and choppy waters of the future  And also presents a few potential blueprints for significant market opportunities for those executives as well as investors 4
  • 5. THE MOGUL’S GUIDE: SECTIONS  Black Box Breach o Paints the picture of the future living room  Provides key insights necessary in developing your company’s comprehensive strategy for the next decade  DragonRex o Articulates the devices that will own the living room of the future  IceDragon o Furnishes a missing piece in the advertising technology arsenal for media firms readying themselves for home entertainment dominated by the internet  Panthera o Global news gateway  Empire Building o Crystallizes and expands the franchise monetization model developed by The Walt Disney Company 5
  • 6. 6 BLACK BOX BREACH
  • 7. BLACK BOX BREACH EXECUTIVE SUMMARY  Thesis o The contest over the future of your living room will be won, in the near future, in decisive fashion  By hardware, content, and services infused with the internet throughout their D.N.A.  Rationale o As Millennials’ & Emerging Markets’ voracious appetites for streaming video steadily increases, o Telecommunications providers will eventually meet that need,  Creating a virtuous spiral for online media service creators and facilitators 7
  • 8. SUPPORTING DATA  Internet data consumption skyrockets o Netflix accounts for about 1/3rd of peak period downstream traffic in North America, while YouTube eats up 1/5th of mobile network traffic1  Jet speed internet approaches for landing o Google Fiber is turning up the pressure on entrenched internet providers o An Alcatel-Lucent and France Télécom-Orange test in February 2013 clocking speeds at a smoldering 400 gigabits-per-second2  Troublesome youth o Only 26% of Millennials watch more than 20 hours of television per week,  While 49% of non-Millennials do so o 42% of Millennials prefer to consume television content through their computer through services such as Netflix, Amazon Prime, and Hulu,  While only 18% of non-Millennials prefer the same3  Emerging market viewers’ aversion to cable o Viewers in Brazil and China prefer online video to television4 8
  • 9. RAMIFICATIONS  Crown the internet o The average future living room, within two decades, will revolve entirely around the internet  Go global or go home o Global brands will completely dominate mere domestic players  À la carte is the future o The available apps, of which there will be hundreds or even thousands, will each represent branded channels and services  Deploy capital accordingly o Former cash flow generators will depreciate faster than forecast  Television stations  Cable distribution  Satellite distribution o Certain properties may be undervalued  Regional wireless communications providers  Entertainment intellectual property owners and generators 9
  • 10. SOURCES 1. Sandvine Global Report: Internet Data Usage Up 120 Percent In North America, Sandvine (April 30, 2013), http://www.sandvine.com/news/pr_detail.asp?ID=394. 2. Bernhard Warner, Alcatel-Lucent Unveils World's Most Powerful Broadband Infrastructure, Bloomberg Businessweek (April 30, 2013), http://www.businessweek.com/articles/2013-02-15/alcatel-lucent-unveils-worlds-most-powerful-broadband-infrastructure. 3. Christine Barton, Chris Egan, Jeff Fromm, The Millennial Consumer Debunking Stereotypes, The Boston Consulting Group (April 30, 2013). http://www.brandchannel.com/images/papers/536_BCG_The_Millennial_Consumer_Apr_2012%20(3)_tcm80- 103894.pdf. 4. Sam Gutelle, China and Brazil Leading Global Expansion Of Online Video, tubefilter (August 12, 2013), http://www.tubefilter.com/2013/07/02/edelman-study-entertainment-goes-global/#sthash.W826Wx6W.dpuf. 10
  • 11. 11 DRAGONREX
  • 12. WHAT DEVICES WILL RULE THIS FUTURE LIVING ROOM?  DragonRex: Media Dream Machine o XBox One/PS4 + Smart TV – Cable/Satellite Input + Necessity Programming (for the Millennial viewer)  = DragonRex  = Media Portal o Services  A Media & Entertainment Portal  Gaming, Movies, Channels (News/Live Events/Episodes), Indie  Headsets/Glasses o Virtual Reality (VR)  Oculus Rift o Augmented Reality (AR)  Google Glass o VR + AR  Microsoft’s Fortaleza 12
  • 13. DRAGONREX OVERVIEW: PHASE I  DragonRex specs o Ram - 32 GB, CPU Cores/Threads - 32/32, Storage - 2 TB, Motion Control - Leap Motion, OS - Android, Data - Ethernet/WiFi/Bluetooth/HDMI Audio Output, Dimensions - 65” Diagonal/4 mm Edge, Design - Ellipse  Millennial Necessity Programming à la carte (MNP) o ESPN  Leverage - Fox Sports One, Tennis Channel, Golf Channel, MLB Network, NFL Network, NHL Network, NBA TV… o HBO GO (minus the cable subscription)  Leverage - Netflix, Prime, Showtime, DreamWorks Animation… o Netflix &/or Amazon Prime  Gaming beast o EA, Activision Blizzard, Rockstar Games, Valve, Ubisoft…  Leverage - Zynga, Gree, DeNA, Rovio, King…  Movies/Channels/Indie o Streaming (Netflix, Prime, Hulu, Crackle, YouTube…) o Download (Hard Disk, IceDragon) 13
  • 14. DRAGONREX MEDIA NEGOTIATIONS: SECRET SAUCE  What do the major media players want? o Disney/Time Warner/21st Century Fox/Viacom desperately want 24/7 branded channels in China  What does the Chinese government want? o Their own Disney/Time Warner/21st Century Fox  Multiple media empires originating from China1  What will DragonRex have? o A media portal built specifically for the needs of emerging markets  Global  Internet based  Zero barriers to entry for channel distribution 14
  • 15. DRAGONREX MEDIA NEGOTIATING: PROPOSED DEAL  The major media players allow their content and apps on the DragonRex platform  In exchange, the Chinese government allows those players access to their market via the DragonRex platform  In exchange, DragonRex grants China’s emerging media firms (Xinhua News Agency, CCTV, Oriental DreamWorks…) Most Favored Channel status o Prioritized placement on home screens o Advertising o Global audience o Advisory 15 CHINA DRAGONREXMEDIA FIRMS à la carte premium content access to emerging markets & millennials
  • 16. HEADSETS/GLASSES INITIAL KILLER MARKETS  AR o Transport (Driving, Shipping, Aviation) o Military combat  360° vision+ • 360° cameras • Drones+ • Satellites+ • Military intel+ • Unit, division, company intel+ • Orders+  VR o Hardcore gaming o Sports programming o Military training 16  VR + AR o Sports programming o General gaming o Shopping o Social interactions…
  • 17. DRAGONREX & VR + AR GLASSES: THE FUTURE OF SPORTS PROGRAMMING  DRAGONREX o Traditional live sports displayed through the main media portal at the center of the living room  VR + AR Glasses o VR  Displays multiple additional angles of the action • Premium subscription potential o AR  Displays additional data • Commanded by voice, gesture, and device • On players, teams, and plays • Based on recognition of images displayed on the DragonRex portal 17
  • 18. SOURCES 1. Joseph Mathew, Go For Launch: Disney’s Recipe For Successfully Piercing The Media Veil In China, (August 13, 2013), http://www.slideshare.net/codycostarica/disney-china-media-memo-joseph-mathew. 18
  • 19. 19 ICEDRAGON ADVERTISING SOLUTION TO FILL A GAP IN ONLINE MEDIA
  • 20. 20 CONSUMER PRODUCT COMPANIES CONTENT ADVERTISING AGENCIES MEDIA FIRMS DISTRIBUTION CHANNEL DRAGONREX CONSUMERS ICEDRAGON ICEDRAGON OVERVIEW
  • 21. 21 CONSUMER ICEDRAGON CLOUD (Utilizing AWS) A. Consumer Inputs Data (age/sex/etc. with fewer ads per data) B. Consumer Provides Ad Feedback (up/down votes, rankings, written) IceDragon Package Delivered (Ads+Containers+Content) AdUpdates AD AD CONTENT AD CONTENT ADCONTAINER Ads Segmented By Demographic AD AGENCIES & CONSUMER PRODUCT COMPANIES Ad Updates IceDragon Proprietary Binding Tech DISTRIBUTION CHANNELS ICEDRAGON CONCEPT
  • 22. INTERNET DOWNLOAD KEY Hierarchy Of Importance To Millennials TIER I = HIGH TIER II = MEDIUM TIER III = LOW 22 MEDIA CONTENT LANDSCAPE MILLENIAL CONSUMER PERSPECTIVE HIGH PRICE INFLEXIBLE TIMING DIGITAL VIDEO RECORDERS VIDEO ON DEMAND LOW PRICE TIER I FLEXIBLE TIMING TIER I HIGH MOBILITYLOW MOBILITY LOW QUALITY HIGH QUALITY TIER II TIER II CABLE NETWORKS SATELLITE HIGH MOBILITYLOW MOBILITY LOW QUALITY HIGH QUALITY HIGH MOBILITYLOW MOBILITY LOW QUALITY HIGH QUALITY HIGH MOBILITYLOW MOBILITY LOW QUALITY HIGH QUALITY DVD/BLU RAY HIGH ADVERTISING LOW ADVERTISING HIGH OWNERSHIPLOW OWNERSHIP TIER III TIER III ICEDRAGON HIGH ADVERTISING LOW ADVERTISING HIGH OWNERSHIPLOW OWNERSHIP INTERNET STREAMING MEDIA PLAYERS
  • 23. 23 CONTENT VALUE CHAIN OLD BRAND NEW LOW PRODUCTION VALUE HIGH PRODUCTION VALUE NETWORK SERIES BRAND NEW CABLE SERIES BRAND NEW YOUTUBE INDIVIDUAL VIDEOS BRAND NEW SHORT MOVIES BRAND NEW YOUTUBE CHANNEL VIDEOS BRAND NEW FEATURE FILMS BRAND NEW ICEDRAGON APP SWEET SPOT NETWORK SERIES RECENTLY AIRED CABLE SERIES RECENTLY AIRED YOUTUBE INDIVIDUAL VIDEOS RECENT RELEASE SHORT MOVIES RECENT RELEASE YOUTUBE CHANNEL VIDEOS RECENT RELEASE FEATURE FILMS POST-DVD RELEASE NETWORK SERIES POPULAR SERIES CABLE SERIES POPULAR SERIES YOUTUBE INDIVIDUAL VIDEOS OLD SHORT MOVIES OLD YOUTUBE CHANNEL VIDEOS OLD FEATURE FILMS CLASSICS POPULAR MUSIC BRAND NEW POPULAR MUSIC RECENT RELEASE POPULAR MUSIC OLD AMATEUR MUSIC BRAND NEW AMATEUR MUSIC RECENT RELEASE AMATEUR MUSIC OLD MILLENNIAL CONTENT MILLENNIAL CONTENT MILLENNIAL CONTENT MILLENNIAL CONTENT MILLENNIAL CONTENT MILLENNIAL CONTENT MILLENNIAL CONTENT MILLENNIAL CONTENT
  • 24. ICEDRAGON BUSINESS MODEL 24 CONSUMER PRODUCT COMPANIES CONTENT ADVERTISING AGENCIES MEDIA FIRMS ICEDRAGON $ UP FRONT FEES TO BIND ADS $ FEE TO UPDATE ADS $ FEE TO SEE DEMOGRAPHIC DATA $ UP FRONT FEES TO BIND ADS $ FEE TO UPDATE ADS $ FEE TO SEE DEMOGRAPHIC DATA IceDragon Package (Ads + Content) Delivered Via Internet
  • 25. 25 INVESTORS ONLY
  • 26. INVESTORS ONLY 26
  • 27. 27 EMPIRE BUILDING THE FRANCHISE TEMPLATE FOR MEDIA CONGLOMERATES
  • 28. OVERVIEW: THE STORY BRIDGE MODEL  The central element o The most profitable franchises in media & entertainment have a common core element: a timeless story  The story bridge model o Six phases o One continuous story  Data points o Even with the evidence staring directly at them, no media firm has completely implemented this model on an institutional basis 2. NOVEL 3. GRAPHIC NOVEL/ COMIC BOOK 4. VIDEO GAME (IMMERSIVE/SOCIAL) 5. MOVIE 6. CONSUMER PRODUCTS + THEME PARKS + ONLINE CONTENT 1. STORY 28
  • 29. CONSIDERATIONS  Non-Monetary o Brand  Story  Cross-generational fan base  Immersive experience o Sustained PR  Monetary o Synergies across businesses  Novel  Graphic Novel  Video Game  Movie  Theme Park  Consumer Products  Online Content 29
  • 30. FRANCHISE PHASE I: FINDING THE STORY - RESEARCH & DEVELOPMENT  Research & Development o Cast wide net initially o Initial emphasis on low cost distribution routes, before minting franchises STORY STORY STORY STORY STORY STORY  Creative Brainstorming  Treatments  Short Stories  Comic Books  Graphic Novels  Novels  Graphic Novels 30
  • 31. PHASE II: THE GRAPHIC NOVEL/COMIC BOOK SERIES  Potential o Great novels can be turned into great graphic novels and comic books  Why Graphic Novels o Maximizes fan base  Engages all ages • Kids through Fan Boys/Girls o Most valuable customers  Developing deeply loyal fan base ensure lifetime customers  Data Points o Spiderman, Batman, Avengers…  Implications o Future storylines can “test the water” by releasing a leather bound, digital moving image enabled, graphic novel  Before green lighting the screenplay 31
  • 32. PHASE III: THE NOVEL  Potential o Great stories can be turned into great novels  Why Novels o Maximizes engagement level  Plot background  Character development o Customer segmentation  By attacking every customer segment, a media firm builds value exponentially  Increases the number of potential people with emotional stakes in any storyline o Creates potential for spinoffs of secondary characters and storylines  Data Points o Harry Potter o The Lord Of The Rings 32
  • 33. PHASE IV: THE VIDEO GAME  Why Video Games o Immersive  The experience is as immersive as technology allows o Social  Role Playing Games create vast social networks o Untapped Potential  Increase value by placing a video game’s story in an actual story sequence between the first and second novels  Data Point o Halo  Over 40 M copies sold worldwide, generating more than $3 B in merchandise 1  Arrogance in Microsoft’s initial foray into the film industry has delayed a movie deal 2  Even amidst such neglect, fan fiction has propagated  Rooster Teeth’s success with Red vs. Blue  2.1 M subscribers on YouTube 33
  • 34. PHASE V: THE MOVIE  Why Movies o PR  Press generated by summer event movies o Society  Mainstream society considers movies as the “ultimate” form of a story o Reach  Allows casual fans to engage with story with limited price, time, and commitment  Potential for long term reengagement through television and digital sales  Data Points o Star Wars o Jurassic Park 34
  • 35. PHASE VI: CONSUMER PRODUCTS, THEME PARKS, ONLINE  Consumer Products o Increases reality for kids by connecting real life sensory experiences, activating their imaginations o Data Point  Toy Story 3 • More than $1 B box office sales, but $7.3 B in retail sales 3  Theme Parks o High CapEx places a barrier to entry for competing firms o Involves entire family o Data Points  Pirates Of The Caribbean  Harry Potter  Online o Potential to provide an additional story bridge between the movies and video games o Data point: Pixar’s shorts 35
  • 36. MEDIA TOYS FOR THE FUTURE: THE STORY BRIDGE CONCEPT  By creating a seamless story that bridges from Graphic novel to  Online episodes to  Movie to  Toy(s) to  Theme parks and beyond!   A media firm multiplies the value generated by their elite intellectual property  Each phase, ideally, should represent a stand-alone chapter, of a continuing story line 36
  • 37. MEDIA TOYS FOR THE FUTURE: SMART TOYS  Toys should be as smart, or smarter than our phones and tablets  Once toys are infused with near artificial intelligence, the consumer products phase within the story bridge can be taken to another level  Implications o Smart toys could lead their owner on an adventure, which is an integral part of the franchise story line o Major consumer product plot points could only occur with the combination of multiple toys together  Encouraging children to organize socially to complete plot points 37
  • 38. THEME PARKS ARE NOT JUST FOR KIDS ANYMORE  Media-technology firms that tend to generate adult focused intellectual property o Have enormous monetization opportunities open to them in the form of live entertainment parks  Adult theme parks o Military training and competitions (Call Of Duty) o Weapons training (Assassin’s Creed) o Science fiction adventures (Halo) o Racing (Forza Motorsport, Need For Speed)  Meeting live entertainment objectives could have virtual rewards 38
  • 39. ACQUISITION OPPORTUNITIES  Studios o DreamWorks Animation o MGM  Consumer Products o Hasbro o Mattel  Gaming o Electronic Arts o Activision Blizzard  Franchise Potential Properties o Halo o Hitchhiker’s Guide To The Galaxy (reboot) o Red Wall o Dune 39
  • 40. SOURCES 1. Erik Kain, New Halo 4 Details, Screenshots Emerge As 343 Industries Takes The Warthog's Wheel, Forbes (August 13, 2013)http://www.forbes.com/sites/erikkain/2012/03/05/halo-4-screenshots-details-revealed-new-multi-player-redesigned-master-chief- as-343-industries-takes-the-warthogs-wheel/. 2. Guest Blogger, Why the Halo Movie Failed to Launch, WIRED, (August 13, 2013) http://www.wired.com/gamelife/2012/04/halo- movie-generation-xbox/. 3. The Walt Disney Company Investor Conference 2011, (August 13, 2013)http://cdn.media.ir.thewaltdisneycompany.com/2011/events/ic/2011_Investor_Conference_Transcript_FINAL.pdf 40
  • 41. 41 APPENDIX I ICEDRAGON PERSPECTIVES ANALYSIS
  • 42. ICEDRAGON PERSPECTIVES ANALYSIS – PART A 42 HARD COPY STREAMING LIVE DVR/ON-DEMAND ICEDRAGON DOWNLOAD DESCRIPTION  Physically tangible  Requires additional device to play  Streaming digitally directly onto device  Live broadcasts through specific devices (generally television)  Record onto a specific device (television)  May be subject to restrictions  Satellite/Cable provided devices  Third party devices (TiVo, Apple TV…)  Record media onto any TYPE  DVD  BluRay  Flash Drive  Internet  Satellite  Cable  Internet  Cable  Satellite  Network Satellite  Digital Video Recorders  Video On Demand  Internet  Cable  Satellite Drawbacks Benefits Drawbacks Benefits Drawbacks Benefits Drawbacks Benefits Drawbacks Benefits CONSUMER’S PERSPECTIVE  Tied to physical location  Mobile Hyper- Unfriendly  Secure  Portable  Highest Definition  Skip trailers/ads  Flexible timing  Buffering is awful!  Often low quality  Limited connectivity across platforms  Why pay for permanent beta products?  Forced ads  Portable  Mobile Friendly  Flexible timing  Connectivity issues  Mobile unfriendly  Forced ads  Inflexible timing  Fair quality  Potential for an “event” dynamic  (Superbowl, American Idol Finals)  Premier option when results matter (sports, competitions)  Connectivity issues  Limited hard drive space (depending on provider)  Not “live”  Mobile unfriendly  Flexible timing  Skip ads  High quality  Forced ads  Not “live”  Privacy (who sees the data?)  Highest quality  Mobile friendly  Flexible timing MEDIA FIRM’S PERSPECTIVE  Increasing digitization of society  Increasing ubiquity of mobile devices  Secure (less piracy)  Charge premium for ownership  Available only through internet (does not reach rural areas)  Secure  Forced ads  Lower quality than live, so can argue for higher fees to distribution channels and consumer product companies  Mobile Friendly  Mobile unfriendly  Lower viewership depending on audience schedules  Enables high drama for specific episodes  Potential to drive social conversation  Angers advertisers, may drive lower prices paid  Increases viewership potential  Ownership by the consumer  Secure  Forced ads  Mobile friendly  Maximizes viewership DISTRIBUTION FIRM’S PERSPECTIVE  Does not use media distribution channels except physical and online retail stores  Bandwidth strains  Technology not developed  Consumer complaints for purchases that have low quality  Flexible timing  Can charge premium pricing for in-home convenience  Potential bandwidth strains at big events  Potential to show multiple sources of content unavailable in any other format  Bandwidth strains  Technology not developed  Consumer complaints for purchases that have low quality  Flexible timing  Can charge premium pricing for in-home convenience  Chance for increased subscription fee  Potential to remove Cable/Satellite/ Networks providers out of the equation for certain channels  Potential for fewer rentals  Reduce bandwidth strains and impending “bandwidth cliff” as consumption patterns evolve  Consumers can download outside of peak hours
  • 43. ICEDRAGON PERSPECTIVES ANALYSIS – PART B 43 HARD COPY STREAMING LIVE RECORDER/ON DEMAND ICEDRAGON DOWNLOAD DESCRIPTION  Physically tangible  Requires additional device to play  Streaming digitally directly onto device  Live broadcasts through specific devices (generally television)  Record onto a specific device (television)  May be subject to restrictions  Satellite/Cable provided devices  Third party devices (TiVo, Apple TV…)  Record media onto any TYPE  DVD  BluRay  Flash Drive  Internet  Satellite  Cable  Internet  Cable  Satellite  Network Satellite  Digital Video Recorders  Video On Demand  Internet  Cable  Satellite Drawbacks Benefits Drawbacks Benefits Drawbacks Benefits Drawbacks Benefits Drawbacks Benefits CONSUMER PRODUCT COMPANY’S PERSPECTIVE  Consumers skip ads  Significant time delay potential for ads  Non-targeted ads  Poor ad quality  Tendency of consumers to shift attention to other screens and web pages and/or mute  Forced ads  More targeted  Non-targeted  High audience potential  PR potential  Ability to skip ads  Highly targeted ads  Ability to segment purchases by individual  Maximizes audience potential  Forced ad views ADVERTISING AGENCIES’ PERSPECTIVE  Consumer may skip ads  Poorer quality leads to potential for fewer audience  Forced ads  Poorer quality leads to potential for fewer audience  Vague mandate due to limited targeting for large events  High audience potential  Ability to skip ads  IceDragon has leverage on ad placement  Potential for forcing to improve quality of ad  Potential for restrictions on timing (shorten or lengthen) to maximize audience viewership  Ability to target ads most specifically  Potential for increased number of types of ads by demographic segmentation  Potential for customer reviews of the advertisements
  • 44. 44 APPENDIX II MEDIA INDUSTRY GENERAL OVERVIEW
  • 45. MEDIA INDUSTRY GENERAL OVERVIEW  CONTENT o Types  Film • Kids • Teens • Adults  Television • Networks • Cable  Music  Novels  Comics  Advertising • Creative • PR • Media Advisory o Production  Story Origination  Talent Management  Financing  Technology • Hardware • Software 45  DISTRIBUTION o Internet o Cable o Satellite o Cellular o Radio o Experience  Theme Parks  Concerts  Sports • Professional • Amateur  Theater  Gambling 45

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