Innovation in the Media Industry

The media industry has been built by entrepreneurs and their innovative ideas.  If we look at the media industry examples of Bessant and Tidd four Ps’ of innovation are evident. Product innovation can be seen in the film industry with the invention of Blue Ray discs. Process innovation can be seen be seen in television industry by the different types of TV’s offered. Position innovation and in turn Paradigm innovation can be seen in the Publishing Industry as by Amazon utilising the internet to sell books, publishing house have had to re-think the manner in which they sell books. However the media industry cannot become complacent, as it is an industry driven by the consumer. Even if the Industry does not innovate they must adhere to Getz and Robinson’s recommendation of retaining customer focus and making improvements to the services they provide; otherwise as highlighted by Kasprzak in his blog someone else will.

Bressant, J. and Tidd, J. (2011) “The Innovation Imperative,” Innovation and Entrepreneurship, 2^nd ed.,  Chichester, UK: Wiley & Sons, pp 2-52

Getz, I and Robinson, A.G. (2003) “Innovate or Die: Is that a Fact?” Creativity and Innovation Management 12(3):  130-6.

Kasprzak, D (16 January 2012) “Product Innovation captures the imagination; Process innovation captures the markets”.  Blog: My Flexible Pencil. http://myflexiblepencil.com/2012/01/16/product-innovation-captures-the-imagination-process-innovation-captures-markets/

 “Innovate or Die” Forbes 23 July 2007: http://www.forbes.com/sites/thesba/2011/07/23/innovate-or-die/

Wired Features Podcast with Amazon CEO Jeff Bezos by Steven Levy. 6 December 2011. 11:38 pm:  http://castroller.com/Podcasts/WiredFeatures/2717420