At this week's McGraw Hill 2006 Media Summit, moderated by Kevin Roberts, CEO of Saatchi & Saatchi, powerhouse panelists such as Michael Wolf, COO, MTV Networks; William Cella, CEO, MAGNA Global Worldwide; Andrew Lippman, Senior Research Scientist, Director, Digital Life, MIT Media Lab; Geoffrey Dodge, Publisher, BusinessWeek (bios and agenda here) gathered to discuss global media and technology innovation, or, the "Communications Revolution."
On the topic of finding new business models, and subsequent endorsement of the top-selling book Blue Ocean Strategy , Kevin Roberts said:
Think about when you used to go to the circus in your youth--what did you go to see? What did you go and watch? The animals--the elephants the lions. What was the first thing that Cirque du Soleil got rid of? The elephants and the lions. The second thing you used to go and see was the high-priced talent, with big name clowns. Everybody at Cirque gets paid the same. How many rings were there in the Ringling-typical circus? Three. How many [rings] now in Cirque? One. What was the price of the circus visit in those days? Three of four bucks. Cirque du Soleil will set you back 100 bucks.
What you should do is read Blue Ocean Strategy, right? It just tells you in a real easy framework what you've got to eliminate, what you've got to reduce, what you've got to raze, what you've got to create--and that will help you find new business models.
Listen to the full audio of the forum here .