One example the emergence of new hybrid devices such

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one example, the emergence of new hybrid devices, such as interactive set top boxes and personal digital video recorders, like TiVo, requires a range of new media formats that combine a variety of static and interactive multimedia content into a single media stream that can be differentiated for each market segment or individual. To reach that goal, work processes, existing technological systems, the organizational arrangement of the creative, marketing, and distribution areas, apart from the web of product and service suppliers, will need to be transformed in many cases. In a world of multiformat offers, content leverage becomes brand leverage. It is be- coming increasingly imperative to build strong brands with the potential to deal with a range of content offers but at the same time hold a consistent identity, especially in markets riddled with an overabundance of offers, low entrance barriers (regarding above all content production), and a highly volatile demand. These brands need to be charac- terized by a number of features: (a) the potential to deal with a range of content offers but, at the same time, hold a consistent identity; (b) the ability to undergo constant renewal yet hold on to relevant values and ties within the market; (c) the ability to set fine professional and creative standards, achieve public status, and aid consumers in the ever-increasing number of choices. Hence, the striking thing, as already pointed out by Chan-Olmsted and Kim (2001), is the limited research and comprehension that exists on how media product brands, or at least those in subsectors such as news media, are managed or work. This is all the more surprising if we consider that the importance of the brands can only grow in the future. Likewise, there is little known about how to assess what type of brand will be the most appropriate in certain content spheres, and what kind of promotional campaigns will be needed in each case. Incomprehensibly, none of these aspects have been dealt with in depth by researchers. This apparent paradox looming over brand managing—on the one hand, its impor- tance yet, on the other hand, its falling into oblivion—is very likely to be caused by the behavioral patterns of the media products in the market. Although brands require stability, coherence, and consistency over a period of time, the truth of the matter is that most media products are subject to the laws of novelty, change, ongoing innovation, and perishability. Only when decisions are made regarding the evolution of media products in the market can we readily observe the consequences of that paradox.
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9. MEDIA PRODUCT MANAGEMENT 195 MANAGING THE LIFE OF MEDIA PRODUCTS AND PROJECTS Academic literature on media economics and management conducted, from different angles, research on several issues concerning the introduction and development of a new media in the market, the substitution and complementarity between new media and old media, the diffusion of distribution technologies, and other factors that have an impact on market evolution. The majority of these analyses apply diffusion of innovation
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