16. The Economist Reading: The Rise of Lifestyle Media:Successful media companies will become “marketplaces that let consumers search, research, share and configure their media experiences.” To be good, these exchanges need to combine “a personalized media experience with a social context for participation.” Instead of “exclusive ownership of content or distribution assets” (the stuff of old media), the media marketplaces will compete in their “knowledge of consumer activity”, which they will use both to interact more intimately with consumers and to match them better to advertising that is unobtrusive and helpful (itself a novelty), and thus lucrative.”
17. The Economist Reading: “you get large by allowing the many and small to gather on your lawn.” Ebay, yahoo, google, facebook, wikipedia, etsy, youtube, digg, Reddit, etc.
18. Reading Comprehension Question: Is Google a media company? Why or why not? What do you think? Talk to your neighbor and write down what you think on a piece of paper.
19. In groups answer this question: In the Economist article the author talks about the difference in How Yahoo and Google choose content that appears on their site What are the differences and which approach do you think Works or will work better in the future. What are the advantages And disadvantages to each approach?
30-35 people work in the Chicago Big Ten office. Big ten network is owned by fox sports net. Stats guy is there Monday – Friday 8-5. Worked 8 different dates. Worked with 6 different play by play people. They’re just worried about schedules not about chemistry between play by and color commentators. Coordinating producer- organizes all teams for all (olympic) sports, travel agent works there. Some people are part time some full time.Precarity: Employment in the media industry is extremely unpredictable and jobs tend to be irregular and temporary. Work in the media that people get paid for, but without benefits– usually associated with employment (e.g. contract, healthcare, pension).
Productions that is organized in teams operating simultaneously within, between and outside of companies and firms.
A creative decision-making process that is primarily oriented towards (perceived) peers, colleagues and competitors.
A creative decision-making process that is primarily oriented towards (intended) consumers, audiences and markets.
A decision-making process that is primarily oriented towards people as creators of products and services (using multiple media).
Companies continue to invest in computers and technology but productivity remains the same or drops.
A production process that creates products and services very quickly in correlation with certain events and/or the most recent market data.
A production process that creates products and services very quickly in correlation with certain events and/or the most recent market data.
A business rule of thumb involving catering to the masses. "80% of your sales come from 20% of your clients” Italian economist Vilfredo Pareto, who observed in 1906 that 80% of the land in Italy was owned by 20% of the population; he developed the principle by observing that 20% of the pea pods in his garden contained 80% of the peas. Blockbusters pay for failed and art house films. * 80% of your profits come from 20% of your customers * 80% of your complaints come from 20% of your customers * 80% of your profits come from 20% of the time you spend * 80% of your sales come from 20% of your products * 80% of your sales are made by 20% of your sales staff
Long tail is an economic niche strategy of selling a large number of items in relatively mall quantities at low cost, particularly online.Opposite is walmart (short head) or clearance. Diversity of music, for example, is long tail on amazon and short head is walmart selling only country, pop and christian music.
