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Media Entrepreneurship Insights
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Content Crowdsourcing
Using contributions from a large group of people to create content. Example: Wikipedia relies on user-generated content to populate its encyclopedia.
Platform Business Model
A business model that creates value by facilitating exchanges between two or more interdependent groups. Example: Uber connects drivers with passengers through their app.
Scalability
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.
Freemium Model
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.
User Experience (UX)
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.
Minimum Viable Product (MVP)
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.
Value Proposition
Central innovation, service, or feature that separates a company from competitors. Example: Netflix's streaming service disrupted the traditional DVD rental market.
Lean Startup Methodology
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.
Social Media as Marketing Tools
Using social media platforms to promote products and services. Example: GoPro uses user-generated content on social media to market their cameras.
Customer Acquisition Cost (CAC)
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.
Strategic Partnerships
Forming alliances with other companies to leverage synergistic opportunities. Example: Netflix and Disney initially partnered to stream Disney content, benefiting both parties.
Disruptive Innovation
An innovation that creates a new market and value network, disrupting existing ones. Example: Spotify's streaming services disrupted the traditional music sales model.
Digital Transformation
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.
Monetization Strategies
Methods by which media enterprises generate revenue. Example: YouTube utilizes ad-revenue sharing to incentivize content creators.
Viral Marketing
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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