News Corporation is an American mass media giant, formed after the spinoff of the original company News Corporation. News Corp as the new company is referred took over the publishing responsibilities of the old company while its media and broadcasting activities were taken over by 21st Century Fox. The new company has a number of titles, both newspapers and magazines such as the New York Post and the Wall Street Journal in the United States, The Sun, The Sunday Times and The Times in the United Kingdom. However, the company is reliant on traditional printing where the organization sells physical copies to earn revenues. Although the company has an internet presence, the presence is limited to its physical offerings, meaning that the material available on the internet results from the traditional publishing. However, according to Casero & Izquierdo (2013), the rise of the internet greatly affected the financial performance of traditional publishers. It is therefore important for the corporation to establish a new division that will cater exclusively to the internet without reliance on the physical publications. This will help to attract new audiences, which will help the company to increase its revenue.
The new proposed division will be the digital publishing site for the company. The new service will be able to aggregate news and stories from all over the internet. The company will then present the stories on a digital platform that will allow the consumer to not only enjoy audio-visual content but also be able to interact directly with the content generators (Weber, 2014). The client will be able to customize the digital content they receive so that they can receive stories that are most appropriate for them depending on their geographical location or interests. This single digital platform will allow the corporation to interact with different types of consumers, provide on-demand services such as video downloads and streaming. The company will divide the digital platform into three main categories namely News, Sports, and Entertainment. This means that a consumer will be able to filter the content they want and have it presented to them in an easy to access manner.
Innovation is very important in the digital world. The digital world is very dynamic. A company must be constantly changing in order to remain on top of its game and therefore remain marketable. Innovation allows a company to find new ways of doing old things that are more efficient and therefore more attractive to consumers while at the same time allowing the corporation to earn more revenues. Streaming is an example of an innovation. Streaming achieves the same function as selling physical compact discs or DVDs, which is distribution of content. However, it allows the company to attract more clients while using fewer resources. This makes the content cheaper and more readily available, increasing the chances of the company earning more revenues from the same content.
Casero & Izquierdo (2013) point out that increasingly, people are getting their news and entertainment from the internet. As the internet becomes more accessible and cheaper to use, many people are using the internet for many functions. The internet is now the basic communication method for many people, with web based messaging applications finding wide use than traditional carrier based text messages. Similarly, the internet has also become popular for entertainment purposes with streaming services and online on demand television giving traditional broadcasters a run for their money. News Corp has a very large footprint in the traditional publishing market. It is therefore possible to leverage these resources in the new digital publishing platform. This will allow the new division to come up with content from the other divisions as well as coming up with its own content for distribution via the digital platform. This new division will enable consumers to have a one-stop shop where they can access all their news, sports, and entertainment needs.
Currently, there are many digital platforms in the internet offering all types of content. However, for a single user, they will need to access different platforms to access the specific material they need. For instance, a consumer will usually have to subscribe to a different platform for their news, another platform for sports and yet another platform for entertainment. The new division will allow the consumer to access all the different types of content online. This makes it more convenient for users as they can manage all their needs. This will also be beneficial for the corporation since they will be able to have large numbers of users on their platform, which is advantageous in terms of advertising (Howe & Teufel, 2014).
The vision for the new division is to provide a one-stop shop for all news, sports, and entertainment needs for consumers. This will mean that in the future, any form of digital content that a user wants will be available on the digital platform that will be the basis of the new division. The digital division will liaise with the other divisions of the corporation and convert their content into digital content. The platform will also license content from other developers such as movie studios, sports broadcasters, and music studios, which will provide the division with digital content. The digital platform will also use aggregators to scour the internet for interesting content and fine-tune it in order to serve its target market.
Finally, the digital division will also publish its own content such as movies and documentaries. Once it obtains the content, it will be presented to the consumer online. The consumer will decide the type of content they need and be able to select it from the digital platform. For instance, a consumer may be interested in live sports broadcasts. This will be available via the live streaming capabilities of the platform. Another consumer may be interested in digital books. These will also be available on the platform. A consumer will therefore need to join the digital platform and subscribe to the content they need. Some of the content may be available free while some may be paid for content. A consumer will therefore select the content they want and make a subscription. The division will be able to make money from the subscribers of the paid for content. In addition to the division making money from paid for content, the availability of a wide variety of content will attract huge numbers of visitors to the platform. This will provide the organization with an opportunity to maximize advertising revenues as advertisers will be willing to pay extra to access the large numbers of visitors to the platform.
The mission of the company as a whole is to provide news, entertainment, and sports to its target market. However, the offerings provided by the existing company are segmented mainly based on geographical location. Although the corporation is able to reach its target market based on geographical location, it leaves the company at a disadvantage in the globalized world. By providing an avenue for news, sports, and entertainment, the new digital division will be able to further the vision and mission of the company. It will enable the company to provide contents to its consumers. However, it will ensure that all content is easily available in any region of the world regardless of origin. This will make it easier for consumers to access anything they need from the company in one single platform. This shows that the vision and mission of the digital division is aligned with the overall vision and mission of the entire company.
The vision and mission of the company is to provide an online platform for news, entertainment, and sports for the consumer. In an increasingly connected world, traditional sources of news, sports, and entertainment are changing and the internet is now widely used to access these services. By establishing a digital division where this content will be available digitally in all its forms, the company is positioning itself in a market that will be internet dominated. The company will therefore adapt to changes in the actual market to ensure that it continues to provide the content that consumers need and want in a way that they want.
The consumer will be the most important person in the new division. The division aims towards catering for the needs of the consumer. The consumer will determine the means that all the content provided on the platform as well as the different ways the content can be accessed. However, the division also has a responsibility in ensuring that the developers of content receive fair remuneration for their work. The division will therefore ensure that the content available on its platform is what the customer needs and that the developers are paid. Because of operating in a global market, the division will also ensure that it complies with the laws of different regions. This will be achieved by customizing the offerings available in different geographical regions of the globe.
Casero-Ripolles, A. and Izquierdo-Castillo, J., 2013. Between decline and a new online business model: The case of the Spanish newspaper industry. Journal of Media Business Studies, 10(1), pp.63-78.
Howe, P. and Teufel, B., 2014. Native advertising and digital natives: The effects of age and advertisement format on news website credibility judgments. ISOJ Journal, 4(1), pp.78-90.
Weber, P., 2014. Discussions in the comments section: Factors influencing participation and interactivity in online newspapers reader comments. New Media & Society, 16(6), pp.941-957.
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