Why Read This
Fundamental shifts in consumers' perceptions of value underpin the current period of crisis in which the media industries find themselves. Consumers are not falling out of love with media but instead with its 20th-century product iterations. Those consumers who currently spend extensively but consume modestly will be most exposed as the media distribution paradigm is superseded by the consumption era. A new framework for media product innovation is required to align media industry content assets with 21st-century consumer behavior and demand. The exhaustive process of product innovation and rebuilding that this entails will be media businesses' ticket out of the media meltdown.