Digitizing the perfect sport April 4, 2008Posted by Robert Rich in symposium.
Tags: michael smith, northwestern university
The best way to examine emerging business models is through case studies, Michael Smith, Executive Director of the Media Management Center at Northwestern University said.
Smith’s main focus was on Major League Baseball, which launched an alternative media plan after general managers of teams complained about a lack of revenue.
“Teams used to own their own websites and produce their own content, but it wasn’t working for them,” Smith said. “We created a site that was a consortium of everything, and teams were required to contribute startup money, but now they’ve doubled their revenues.”
Through a variety of ways (ways that bring businesses plenty of money), consumers can view highlights and results from games from all of their favorite players and teams, including through online radio and online stream options, as well as satellite radio and digital cable outlets.
“Baseball is the perfect sport for the modern age,” Smith said. “Each pitch, each swing, each throw has its own language, and those of us that grew up watching baseball learned how to score so we can understand that language. Every single aspect of baseball can be digitized.”
Smith said that companies must focus their organization on the customer’s experience, practice continuous innovation, and invest in the workforce of tomorrow.
“If you look at the new media companies, they’re growing from forming new partnerships and collaborating with people who might have been their competitors.”