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Media Entrepreneurship Insights

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Content Crowdsourcing

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Using contributions from a large group of people to create content. Example: Wikipedia relies on user-generated content to populate its encyclopedia.

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Platform Business Model

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A business model that creates value by facilitating exchanges between two or more interdependent groups. Example: Uber connects drivers with passengers through their app.

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Scalability

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The potential of a business model to grow and accommodate more customers. Example: Airbnb's platform allows it to easily expand to new locations without owning any properties.

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Freemium Model

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Business model where basic services are provided free of charge, but advanced features must be paid for. Example: LinkedIn offers basic professional networking for free, with a charge for premium features.

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User Experience (UX)

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Overall experience of a person using a product, especially in terms of ease and satisfaction. Example: Instagram's interface design contributed to its massive user adoption.

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Minimum Viable Product (MVP)

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The most pared-down version of a product that can still be released. Example: Facebook started as an MVP with only Harvard students before becoming globally available.

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Value Proposition

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Central innovation, service, or feature that separates a company from competitors. Example: Netflix's streaming service disrupted the traditional DVD rental market.

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Lean Startup Methodology

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An approach that favors experimental innovation over elaborate planning. Example: Dropbox used a simple demo video to validate customer interest before fully developing their product.

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Social Media as Marketing Tools

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Using social media platforms to promote products and services. Example: GoPro uses user-generated content on social media to market their cameras.

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Customer Acquisition Cost (CAC)

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The cost associated with convincing a customer to buy a product/service. Example: Amazon Prime's free trials are an investment to lower CAC by showcasing service benefits.

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Strategic Partnerships

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Forming alliances with other companies to leverage synergistic opportunities. Example: Netflix and Disney initially partnered to stream Disney content, benefiting both parties.

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Disruptive Innovation

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An innovation that creates a new market and value network, disrupting existing ones. Example: Spotify's streaming services disrupted the traditional music sales model.

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Digital Transformation

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Integration of digital technology into all areas of a business, fundamentally changing operations. Example: The New York Times's shift to digital subscription has rejuvenated its business model.

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Monetization Strategies

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Methods by which media enterprises generate revenue. Example: YouTube utilizes ad-revenue sharing to incentivize content creators.

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Viral Marketing

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Marketing technique that uses social networks to increase brand awareness or achieve other marketing objectives. Example: The ALS Ice Bucket Challenge significantly increased public awareness and funds.

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