Digital Scotland offers managed services for implementing digital business models on WordPress.
As a publishing platform WordPress is naturally ideal for media sites, such as newspapers and magazines. High profile case study examples include Rolling Stone magazine, Canada.com, the New York Post, the NextWeb and the ESPN’s Undefeated, making it ideal for business ideas with that objective.
This publishing capability plus great styling makes it an ideal platform for businesses looking to greatly expand their online content marketing. This can be difficult to achieve with a static corporate site so WordPress is ideal for spinning up a complimentary expert blog site; for example one like MIT Sloan.
Digital Media Business Models
Furthermore with a vast array of plugin and theme options it can be styled and structured for any type of business model, presenting an ocean of opportunity when considering surrounding trends like Youtube, podcasting and other segments ideal for small digital ventures.
A great example is The Athletic, as TechCrunch writes they have bucked the idea that online content has to be free, instead they focus on producing in-depth, high quality content tailored to a specific audience who values, and pays for it.
Furthermore other technology innovations can be easily integrated, to define a unique point of competitive differentiation. For example Littlstar has integrated Blockchain technology to give greater control of media ownership to the creators.
A key focus for us is ‘micro entrepreneurs’, the smallest of venture startups, highlighting a particular strength of WordPress – It’s entirely accessible and relevant to the smallest as well as the largest organizations.
This also highlights the general trend defined by the article title, how platforms and tools like Youtube, as well as podcasting among other innovative media formats can be harnessed for ‘digital storytelling’ venture ideas, an approach especially suited to the lone creative genius.
Again this emphasizes the importance of a clear business model. The CMF writes about the phenomena of ‘Youtube millionaires’, describing the sobering reality – One content creator achieved over a million views but generated only $160 in ad revenues as a result.
In short it’s not quick and easy, you can’t just upload a few videos and boom, instant millionaire, the technology alone won’t answer questions of marketing or unique value proposition, but it does make it far easier to bring new venture ideas to market and there are numerous segments of opportunity that it facilitates.
For example another key growth trend is podcasting, again a format that micro entrepreneurs can take on, finding a unique niche. TechCrunch asked What’s Next for Podcasting, exploring the nuances of related business model ideas, and as a great intersection of the two the CMF offers this podcast interview with the Head of Toronto’s Youtube Space.
Mobile and ‘Web series’
WordPress is ideal for hosting all these types of media, and can also easily facilitate mobile apps and content, highlighting another great genre for digital entrepreneurs: ‘Web series‘:
“a series of scripted or non-scripted videos, generally in episodic form, released on the Internet and part of the web television medium”.
It’s an exciting format that marries creative narrative with the ease and reach of new media platforms, like Instagram Stories, such that they can be utilized for advertising and also for highly innovative media ventures.
For example Shield 5 was a series made for Instagram, a movie thriller scenario inspired by the film The Fugitive, that aired as daily 15 second episodes, using the constraints of that platform as it’s uniquely compelling twist.
Other trends they identify include ‘Vertical Documentaries‘, particularly interesting when you consider the Fake News era we now live in and therefore how documentaries are now also a great genre opportunity.
In conclusion the headline message to convey is while these are venture models ideal for the smallest of new businesses even just individuals, the potential upside is massive. For example Wattpad is a community that enables authors to easily write and publish their book ideas, with some of these now being bought up by Netflix to fuel their insatiable demand for original content, such as The Kissing Booth, a story written by a 15 year old Welsh schoolgirl now starring Molly Ringwald.