The fast pace of change in the market complicates matters for both start-ups who are trying to gain traction and profitability, and traditional media companies attempting to move more aggressively into the digital space. Leaders of both start-up and legacy news organizations should craft a business plan that takes into account factors you can control and those you can’t. All successful news organizations will have a primary strategic focus on delivering unique value to their customers – including their audiences, as well as businesses and organizations that hope to reach those audiences. The strategic pathway to developing a sustainable and profitable digital business model involves five key components. Here are the questions you’ll consider in this chapter:
- What are the emerging business models for media companies?
- How do you create a business plan for start‐up media enterprises?
- What are the strengths and weaknesses, as well as opportunities and threats, that confront existing media companies?
- What are the components of a sustainable digital business model for both start‐ups and legacy enterprises?