As high-speed access becomes easier, having the right kind of access and device is a prerequisite for new media experiences and an incentive to try new experiences. When a device enters the market, consumers may ignore some of its advanced features. If the device is not easy to use, has limited functionality or does not fit the user’s lifestyle, it will be underutilized. Even it takes some time for consumers to discover and experience the full potential of new products or new kinds of access, the process of innovation and experimentation is crucial to speed up consumer interest and demand. The excitement and improvements in usability keep leading-edge consumers engaged. With media-capable devices in increasing supply and consumers expressing interest in adopting those features, media companies are attempting to catch their share of the new action. For example, Video on the Apple iPod demonstrated positive results at the outset.
Encouraged by available bandwidth and interactive multimedia possibilities, consumers are now looking for new roles. The falling prices of media editing and recording equipment and software have put the tools of the trade within reach of almost any talent. The result is a combination of the roles of producer and consumer. With the rising popularity of networking on the Internet, producing content is not an endeavor anymore. Communities – gathered at wikis, blogs and networking sites – create, experiment with and refine content collaboratively. YouTube is a prime example.
New kinds of media experiences necessitate new business models. As companies enter emerging channels, they must be willing to cannibalize a bit of their current business to grow a new one. As they begin experimenting with new business models, media companies need to have a specific set of business goals and a strategy for how they will accomplish these goals in.
