In the overall scheme of the entertainment industry, modern media firms are a comparatively recent innovation. Despite the fact that it is difficult to envisage a world without media behemoths like Disney or Netflix. Today’s competitive environment has made it extremely harder for modern media organizations to prosper, especially with the advent of streaming. So, what precisely is a media firm by today’s definition? what has enabled truly successful media organizations to differentiate themselves from the competition?
Longtime entertainment investor and co-founder of TAOST, Rocky Shi. Asserts that many of the top contemporary media companies may be traced to the exploitation of devoted fan bases dependent on a small number of successful intellectual properties (IPs).
The origin of entertainment giants
Rocky Shi argues that it’s crucial to comprehend the history of modern media corporations before delving into the situation of the sector now. For many years, most businesses concentrated on niche markets; however, in the 1950s, Walt Disney broke the pattern by providing film, television, and live entertainment based on the same intellectual property. As a result, other businesses could imitate Disney’s great “flywheel” model, which regarded entertainment as scalable and brand-focused rather than about particular individual stories.
Successful Contemporary Media Businesses begin with a stellar IP
Sounds simple enough
create a profitable IP that people adore. Fan loyalty has been more valuable than ever over. In the last few decades as competition in the entertainment business has increased. As a result, a lot of big studios rely on preexisting IPs to guarantee some success.
Utilizing Various Forms of Payment
As was already established, Disney’s flywheel strategy’s genius lay in the variety of revenue streams. Today, there are many opportunities for fans to interact with their favorite characters and worlds outside of cinema or television. Not just Disney but also other media behemoths like Fox, Sony, Universal, and others.
The Implications for the Future
Even while fans adore a lot of the IP in the modern entertainment industry. Taking advantage of their devotion has a price. Rocky Shi observes that original ideas that aren’t already associated with a franchise sadly have a harder difficulty being produced.
At the end of the day, many businesses want to know that their investment will be profitable, and any new project is viewed as essential only if it has an existing fan following. Investment in original, unheard tales is even more crucial than ever since, over time, fans will get weary of current IP and turn to new movies and television shows.
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