Since the invention of the Gutenberg press, successive disruptive innovations have altered the media landscape and the economics of all media enterprises. Over time, two types of business models emerged: one in which media enterprises sell directly to consumers, and the other in which media outlets sell their audiences to advertisers. Innovators and entrepreneurs share many of the same traits – including an ability to question the status quo. But there are key differences that often determine whether an innovator will succeed as an entrepreneur. Here are the questions you’ll consider in this chapter:
- What is a media enterprise and what are the core competencies of economically successful media companies?
- What are the key transformative media innovations? How have business models for media enterprises changed over time in response to those innovations?
- What is the difference between a disruptive innovation and a sustaining innovation?
- What are the key mistakes that Gutenberg made? What are the lessons for today’s media entrepreneurs?