Ep 238 - Google Drive
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What is the best way to drive innovative work inside organizations Important clues hide in the stories of world-renowned creators. It turns out that ordinary scientists, marketers, programmers, and other unsung knowledge workers, whose jobs require creative productivity every day, have more in common with famous innovators than most managers realize. The workday events that ignite their emotions, fuel their motivation, and trigger their perceptions are fundamentally the same.
Inner work life drives performance; in turn, good performance, which depends on consistent progress, enhances inner work life. We call this the progress loop; it reveals the potential for self-reinforcing benefits.
Two men fight and one assaults an officer; a man is questioned who allegedly hit a pregnant woman; a minor car accident occurs while police question a driver; a driver with a suspended license is arrested.
Trish Wood is a self-described libertarian in her head but a champion of the working class in her heart. She is an ex-CBC journalist, was one of the hosts of the Emmy Award-winning show, The Fifth Estate, for a decade and has a lifelong curiosity that drives her. Today she is the host of the podcast, Trish Wood is Critical, and fearlessly shares her views, challenges mainstream thinking and interviews amazing guests on her podcast. You can learn more about Trish and support her work by visiting www.TrishWoodPodcast.com
Online streaming services are challenging long-standing decision-making processes in the traditional motion picture industry, thus placing Hollywood major studios at a crossroads. We use the institutional logics perspective to examine how both traditional studios and online streaming services make strategic decisions on which films to produce and how these films are to be distributed. We then apply scenario analysis to explore how their interaction will likely evolve. We argue that the key criteria that studio executives use to make production and distribution decisions are shaped by what we define as a commitment institutional logic: decision-making heuristics that focus their attention on theatrical release and box-office intakes. In contrast, online streaming services follow a convenience institutional logic, the product of advanced data analytics to increase subscriptions. In the convenience institutional logic, the need to drive online traffic by providing users with an extensive catalogue of movies guides film production and distribution decisions. Whereas the commitment logic aims for mass-market hits in cinemas, the convenience logic seeks to reach a wide range of subscribers at home with micro-segmented offerings. We compare the two logics, develop four scenarios of how the interaction between them may shape the film industry, and offer recommendations.
In scenario 1, the online streaming services continue to use data-driven analytics to micro-segment their offerings and produce and broadcast niche content that is narrowly marketed to specific audiences. Just like independent film third-party finance changes the entire distribution of film earnings by reducing both the probability of losses and of high returns (Rusco and Walls 2004), and the online streaming services focus primarily on episodic content that provides a low-variance flow of revenues, thereby reducing the risk of losses along with the prospect of extremely large profits. They consequently end up competing for content and viewers with digital television channels, rather than with Hollywood studios.
In scenario 4, online streaming services may find that intermittent binge consumption and low switching costs between online streaming services prevent them from retaining subscribers for substantial periods of time. Digital television channels and other forms of online entertainment may exacerbate the instability of their subscriber base. At the same time, the studios may continue to struggle with an increased prevalence of film viewing ATAWAD by consumers on their own or in small groups. This may lead traditional studios to conclude that continuing to pursue blockbuster strategies driven by theatrical exhibition has become unsustainable.
Our research brings a clear institutional logics focus to the drive to identify the rationales underlying strategic processes and decisions and eliciting the development of competitive advantage (Regnér 2005). We also offer the first institutional logics framing of the rivalry between traditional studios and online streaming services. Applied to the film industry, the institutional logics perspective differs markedly from prior approaches taken in the economics (Moul 2005; Vogel 2014), finance (Rusco and Walls 2004), and marketing (Elberse and Eliashberg 2003) literature. Just like most quantitative studies of other cultural products including books, music, and games (see, for instance, the numerous studies cited and discussed in Hennig-Thureau and Houston 2019), nearly all quantitative research on the movie business so far has focused on project-level analyses of the correlates of film profitability. It has consequently derived managerial implications specific to the production and distribution of individual films, such as the use of marquee talent or promotional activity. While this line of research provides useful normative guidance for the production and distribution of individual titles, it may not be particularly helpful in guiding the stream of decisions that studios have to make in their role as major hubs of financing, production, and distribution of feature films. Our approach provides an overview that is consistent with this strategic task. 781b155fdc