The media and marketing industry needs to embrace a start-up mindset
Established businesses need to start from scratch to recover from the impact COVID-19 has wreaked upon the industry, argues Foxtel Media’s Mark Frain. In other words, traditional, larger companies need to act like start-ups.
As we start to think about recovery from the trauma of 2020, we need to remember that the world, its people and its markets have changed.
During downturns – from the 1929 Great Depression to the 2008 Global Financial Crisis (GFC) – there have always been organisations which seized the advantage, as well as start-ups that have sprung up to fill new niches and needs.
After the GFC, we saw the digitisation of discounts (Groupon, 2008) and of transportation (Uber, 2009). People lost trust in banks, creating a space for fee-free financial services (Credit Karma, 2008), P2P finance (Venmo, 2009) and mobile payments (Square, 2009).
Agree wholeheartedly. And if any org needs to innovate more than others, it’s Foxtel.
Alas, you will not see much innovation in media. First not many have a grasp on what innovation means (hint – it is more than creating new stuff). Second most sr media execs over the past 30 years that have seen pubs, agencies living off the fat of the land when it comes to economic growth. Third most structures dont reward long term thinking or finding new oceans. Gotta hit that next target!
Thanks for this. I struggle to accept the validity of this opinion piece when there are no examples or relevant case studies that foxtel can use to demonstrate this in action.
As an advertiser working with foxtel media has not improved and there is certainly no evidence of innovation that drives a benefit for advertisers. In fact reporting continues to be opaque at best And out of date and completely shrouded in mystery at worst.
Given the public data about the cancellation of subscriptions exceeding 200k one wonders what the real opportunity with foxtel media is?
Ah yes, an opinion piece calling for innovation from one of the least innovative companies.
OK, game’s up, who really wrote this? These Mumbrella op-eds are just getting worse. Clearly penned by an ex-journalist for hire demonstrating nothing more than an ability to put one word in front of another coherently. You are saying very, very little here. Here’s a clue, it’s the op in op-ed you need to be looking at . 1/10
Old rhetoric used back in 2004. Maybe nothing changes
Stick to your knitting. Large media in AU has no appetite (or the intestinal fortitude) for the risk needed to really innovate.
I agree at the lack of stated examples to back up this opinion, by all means my recommendation would be to lead by doing not voicing. The style at which Foxtel Media has conducted business previously has been reminiscent of a time long ago, the industry has changed.
Innovation? Foxtel? The only area Foxtel have been innovative has been in extracting revenue out of its subscribers during the 1990s and early 2000s. A model that’s run out of steam over the last decade.
Good luck developing that ‘nimble and agile’ ‘startup mindset’, Mark. I’m sure the big consultancies will be happy to sell you a lean canvas or five.
There’s also a logical fallacy in assuming those businesses listed that started post-GFC, started because of the GFC.
Or as that great Aaron Sorkin series, The West Wing, once titled an episode, “Post hoc ergo propter hoc”.
Have reached out to Foxtel and FoxSports recently on 3 projects. One to own grassroots sports in Australia, another to control a new global sport being launched from Australia and another was an exclusive esports tournament during Covid. Zero responses back. They’re not looking for innovation, ideas, content, investments or channels to promote themselves; they have it all covered. Or maybe they’re just too busy watching their business struggle to look at new opportunities.
Lots of words but little action – what has Foxtel Media ever done that is innovative?
Australia doesn’t do risk.