New Business Models
The media companies of today are starting to realize that the users themselves can create plenty of material that is interesting to a broader audience and adjust their business models accordingly. Many young companies in the media industry, such as YouTube and Facebook, have foreseen the increasing demand of UGC, whereas the established, traditional media companies have taken longer to exploit these kinds of opportunities.
Realizing the demand for UGC is more about creating a “playing field” for the visitors rather than creating material for them to consume. A parallel development can be seen in the video game industry, where games such as World of Warcraft, The Sims and Second Life give the player a large amount of freedom so that essential parts of the games are actually built by the players themselves.
Read more about this topic: User-generated Content
Famous quotes containing the words business and/or models:
“God forgive me, I do still see that my nature is not to be quite conquered, but will esteem pleasure above all things; though, yet in the middle of it, it hath reluctancy after my business, which is neglected by my following my pleasure. However, music and women I cannot but give way to, whatever my business is.”
—Samuel Pepys (1633–1703)
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—Eda Le Shan (20th century)