September 20188 INNOVATION PUTS CUSTOMERSAT THE HEART OF DIGITAL MEDIAPutting customers at the heart of your business has long been essential to success in the media and entertainment industry and is the key to growth and market leadership during times of significant disruption. Digital media has grown rapidly over the last two decades to give consumers more choice; it is now possible to access content anytime, anywhere, and in the format of your choice. Additionally, the experience for advertising customers, who play an important role in funding quality content, also needs to evolve and become much simpler and more customer-focused. Innovation is now more important than ever before, not just for consumers, but also for advertisers and marketers giving them more effective options when creating brand awareness and connecting with consumers in a trusted, brand-safe digital environment. The Innovator's OpportunityTo create innovative advertising product solutions and services, the digital media industry is well positioned to harness growth trends such as `big data', `artificial intelligence', and `virtual reality' which are set to disrupt existing value chains and reshape media industry profit pools. To capture the full potential of emerging trends, digital media companies need to act on three imperatives to ensure successful innovation takes place: (1) make big bets for the future today, (2) establish capabilities to build for tomorrow, and (3) test, learn and scale to win. Getting each of these steps right is enabling leading media and entertainment companies to offer innovative and breakthrough customer experiences, product solutions, and services.1. Make Big Bets for the FutureIn a rapidly changing market where product cycles are increasingly shorter, choosing where to invest can BY MICHAEL VULLINGS, HEAD OF CUSTOMER EXPERIENCE TRANSFORMATION, NEWS CORPIN MY V EW
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