Proportion of revenue from digital media (via The Media Briefing)

The most telling statistic to emerge from the research was around innovation and whether there was enough of it going on. More than 40% said there just weren’t enough new things happening. Most of the reasons will resonate with anyone involved in a mature publishing business that has been grappling and struggling to adapt to the new digital challenges and the disruptors that everyone has to understand.

“Fear”

Common reasons for a lack of innovation were the usual suspects of technology limitations, lack of investment and competing development priorities, but the most important message to come out highlighted worries about what change meant:

…others said a barrier to innovation was the protection of existing revenues, with one respondent simply writing one word: “fear“.

And there’s the nub of the issue. Are media companies still the rabbits stuck in the headlights? It is apparent that when faced with the myriad challenges brought on by technology and consumer change coupled with under pressure revenues, rather than getting out there and responding via the “fail faster” mantra, they are simply being too cautious.

The old adage says fortune favours the brave and that is as true in the media world as it is on the sports field. Developing a mentality that allows you to be constantly questioning and testing the status quo will enable you to learn faster from your mistakes and ultimately lead to more robust and innovative solutions.

Almost half of respondents said innovation was lacking (via The Media Briefing)