Seminar Summary

During Monday’s seminar we discussed the definition of a business model, which “describes the value an organisation offers to various customers and portrays the capabilities required for creating, marketing and delivering this value and relationship capital with the goal of generating profitable and sustainable revenue streams.”

We also touched upon the idea that ‘content is king’ and that the digital culture potentially threatens this mantra, as social sharing and exchange becomes ever more important to the media industry. Yochai Benkler also identifies this issue, but says that this is a source of opportunity for businesses; for example, building platforms of self-expression and collaboration through the use of open-source technology. Benkler says that ‘social production’ is now a real fact and not a fad as social relations and exchange become more and more important than they ever were as a result of the digital revolution.