Innovation in Digital Publishing
I recently took part in the annual Digital Publishing Summit organised by the Association for Online Publishers (AOP). I spoke at a session focusing on innovation in digital publishing.
I talked about VIDA’s approach to our own business and how we support our partners. As has been the case since VIDA’s launch, the two feed into one another. We’re all operating in the same constantly changing media eco-system so our model is built to adapt with our partners.
VIDA was at the AOP Digital Publishing Summit 2018.
Challenges to innovation
Innovation is a word that’s bandied around a lot and it’s essential to surviving and succeeding in the face of constant digital disruption. While for most innovation may mean new concepts or ideas, really, true innovation is about solving problems. Often that involves a long (sometimes painful) process of discovery and transformation.
Similarly, we all know that finding businesses with great ideas is relatively easy; the hard bit is validating funding, launching, and monetising them. As part of that, at VIDA we’re developing a ‘black box’: a methodology underpinned by data that looks at cultural trends, audience behaviour, and platform activity to help us pick the winners of tomorrow.
Potential for (platform agnostic) innovation
The potential for innovation in a business can also be uncovered by looking at different areas of it. We focus the VIDA lens on three main aspects:
People – creators and entrepreneurs doing things differently or connecting with powerful audiences
Process – businesses creating and distributing content in smart ways – this is where technology can play a part
Revenue generation – has the venture developed a new way of generating revenue?
As part of this, we believe in a totally platform-agnostic approach. So we ask two further questions:
Can you leverage a platform to grow your business and create some ownership of that audience?
If we see that gap in the market, is it worth doing; is there a market in the gap and is it sustainable?