Journal
JOURNAL OF MEDIA BUSINESS STUDIES
Volume 14, Issue 4, Pages 282-298Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/16522354.2018.1445158
Keywords
Business model innovation process; business model canvas; media agencies; advertisers; exploration exploitation
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Funding
- Discovery Networks International and Innovation Fund Denmark [5139-00025B]
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Digital entrants have changed the competitive landscape for advertisers and media. Over the past decade, media agencies have grown more rapidly than the media market as a whole, securing a larger share of the value generated in the advertising industry. We develop a process model describing how these agencies have altered their business models over a decade. We discuss three separate stages in this innovation process, labelled business model innovation (BMI) awareness, business model exploration, and business model exploitation. We find and document how different building blocks of the business model are a focal point of innovation in each stage of the BMI process. Our findings offer a way for the media industry to understand the transformation of media agencies.
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