ABSTRACT
The boundaries of the media sector have expanded in two key ways in the twenty-first century. First, some 6.5 billion people now have a mobile phone, capable of filming, distributing and monetising content. They have become media creators. Second, almost every business and government is now in media, using content channels to directly convey marketing messages. This democratisation of content means we need to think differently about the media business than how we did in the twentieth century. The chapter explores the four-stage media value creation process in light of that. In Development, media businesses and creators must manage the volatility of the relationship between investment and outcome. In Production, key issues are delivery, cash flow and retention of rights. In Distribution, the challenge is to drive value through connecting content to the right audience. Technology – AI in particular – is playing a key role. In Monetisation, businesses must master the economics of customer acquisition and retention, both B2B and B2C. They are expressed in customer lifetime value. Analysis of EbonyLife, Nigeria finds an expanding business in a changing media economy.
