The New York Times innovation report that was leaked earlier this month, is a must read for anyone who works in media. It is indeed one of the key media documents of this age with a lot to teach a struggling Hollywood. The challenges facing the newspaper industry are very similar to those facing Hollywood. Both content creators are struggling to evolve in a changing media landscape and Hollywood would be wise to use the problems and solutions the NY Times innovation report illuminates to guide Hollywood in its evolution into Hollywood 2.0.
If you don’t have time to read the 97 page innovation report, here are the top 7 take aways for Hollywood to know … and start implementing!
NY Times: They need less thinking and resources (time and talents) put towards the “front page”, more thinking and resources put towards developing and reaching an online audience. (p. 90)
Hollywood: Less thinking and resources needs to be put towards first weekends, broadcast eyeballs or four quadrants, and more thinking about creating cross-platform, monetizable story experiences for audiences. Basically, by focusing on old goals Hollywood is misusing time and money and missing out on revenue opportunities, thus leaving money on the table. Continue reading