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In today’s fast-paced business environment, the ability to innovate is no longer a luxury; it’s a necessity. Companies that fail to adapt to changing market dynamics often find themselves on the brink of extinction. The importance of establishing a robust foundation for innovation cannot be overstated as it allows organizations to stay relevant, meet evolving customer needs, and create long-term value.

The Power of Innovation: A Look at History

Historically, the most successful companies are those that have embraced innovation as part of their core strategy. Conversely, organizations that resisted change or failed to invest in R&D have faced dire consequences.

Kodak, for instance, serves as a cautionary tale in this regard. Once a dominant player in the photography industry, Kodak was slow to embrace digital photography. Despite inventing the first digital camera in 1975, the company’s management was hesitant to pivot away from its profitable film business. In the 1980s, Kodak controlled over 90% of the film market. Their downfall highlights the importance of spotting emerging trends and being willing to adapt. As a result, it missed the digital revolution, leading to its bankruptcy in 2012. This example underscores the importance of not only recognizing emerging trends but also adapting to them in a timely manner. In fact, several companies have failed in recent years due to their lack of innovation and inability to adapt to market changes. Tupperware which seemed like a household product until recently is struggling with declining sales due to its failure to shift from direct sales to online platforms. Toys “R” Us filed for bankruptcy in 2017, failing to compete with e-commerce giants like Amazon. Blockbuster famously ignored the rise of streaming services, leading to its collapse. Nokia failed to innovate in the smartphone market, losing out to Apple and Samsung. Yahoo missed opportunities to innovate in search engines and digital advertising, leading to its decline. Lastly, Sears, once a retail giant, failed to modernize its operations and was overtaken by e-commerce and fast-fashion retailers. These companies show the critical importance of staying ahead of industry trends and technological changes.

In contrast, several companies have thrived by constantly innovating, even stepping outside their traditional products and markets. Apple is a prime example, having started with computers, but branching into phones, music players, wearables, and even services like Apple TV+. They have consistently pushed the boundaries of technology and user experience. Amazon, originally an online bookstore, evolved into a massive e-commerce platform, cloud service provider (AWS), and entertainment hub (Amazon Prime Video). Tesla, primarily known for electric cars, ventured into energy storage solutions and solar power, constantly driving innovation in the energy and transportation sectors. Microsoft, once focused solely on software like Windows, shifted towards cloud computing with Azure and ventured into hardware with the Surface series and gaming with Xbox. Disney transitioned from traditional media to acquiring companies like Marvel and Pixar, and now thrives with Disney+ in the streaming world. Finally, Google (Alphabet) started as a search engine but expanded into areas like AI, autonomous driving (Waymo), and even hardware with Google Pixel. These companies have shown a relentless pursuit of innovation, often taking risks and stepping beyond their core offerings to maintain growth.

Lessons from Failed Innovations

While successful examples provide valuable lessons, failures teach us important insights. BlackBerry, once a dominant player in the smartphone market, is a classic example of how complacency can lead to decline. After introducing the first smartphone with a physical keyboard, BlackBerry failed to adapt to the touch-screen revolution led by Apple’s iPhone. Despite having a loyal customer base and innovative capabilities, BlackBerry’s leadership underestimated the importance of software and user experience. Interestingly, BlackBerry’s original name was Research In Motion (RIM), emphasizing its focus on innovation in telecommunications. The company eventually pivoted to software and security solutions but serves as a reminder that failing to innovate can result in obsolescence.

Creating an Innovation Foundation

Building a strong innovation foundation involves several key elements:

Leadership Commitment: Effective innovation starts at the top. Leadership must foster a culture that encourages creativity, experimentation, and risk-taking. Companies like Google exemplify this approach, allowing employees to spend a portion of their time on personal projects that may benefit the company. This has led to the development of products like Gmail and Google News.
Investment in R&D: Allocating resources to research and development is crucial for staying ahead. Companies such as Amazon continually invest in new technologies, whether through advancements in AI or exploring drone delivery systems. This focus on R&D has enabled Amazon to diversify its services and improve customer experience.
Agile Processes: In a world where change is constant, businesses must be agile. Companies that embrace agile methodologies can respond quickly to market changes and customer feedback. For instance, Netflix has transformed its business model from DVD rentals to a streaming service by continuously iterating based on user preferences and technological advancements.
Collaboration and Open Innovation: Encouraging collaboration across departments and with external partners can lead to innovative ideas. The open innovation model, popularized by Henry Chesbrough, emphasizes that not all smart people work for you. By collaborating with startups, academic institutions, and other organizations, companies can tap into a broader range of ideas and technologies.
Customer-Centric Approach: Understanding customer needs is essential for innovation. Businesses that prioritize customer feedback in their product development processes are more likely to succeed. For example, Spotify has used data analytics to tailor its services to individual preferences, creating a unique listening experience that keeps users engaged.

Ninestars: A Commitment to Innovation

At Ninestars, we understand the significance of building a strong innovation foundation. We made investments in R&D very early in our journey so that we can provide advanced, differentiated solutions to our customers. Our commitment to technology and R&D aligns with the principles discussed. Our research team has been constantly leading us in product innovation and service excellence, incorporating advanced technologies such as generative AI and meeting the needs of our customers.

By fostering a culture that encourages creativity and collaboration, we ensure that our teams are empowered to develop innovative solutions. As technologies evolve and trends change, our focus on R&D and innovation will drive value creation and competitive edge for our customers and partners across industries.

From print to digital and mobile, the world of publishing has always been a shifting landscape. Technology has spurred several transformations especially in the last decade that are shaping the publishing industry in unprecedented ways.

So what’s in store for 2023 when it comes to digital publishing trends?

Subscription models

Subscription-based services continue to gain popularity. Subscriptions to digital publications accounted for 44% of overall revenue for news publishers globally in 2018. Enticing readers or viewers to subscribe content, however, is not as simple as offering them access to exclusive features, images, or forums. To turn casual readers and viewers into paying subscribers, publishers often use email newsletters, exit intent pop-ups, and push alerts. Publishers must produce excellent content in innovative formats to draw in new readers and foster reader loyalty. Offering options allows the user to decide whether to pay a fee to access the information or not, which is always preferable.

The Paris Review, for instance, offers four distinct subscription options. The New Yorker offers print + digital issues to subscribers, while Unlimited Digital Access is available to those who have abandoned paper in favour of screen culture. Every membership comes with a free New Yorker tote bag, which adds a personal touch and encourages readers to feel proud of being a part of the community.

Here, customization is crucial. The “entertainment in your pocket” initiatives started by OTT platforms like Netflix, where they launched the mobile-only membership, are an intriguing example to take note of.

Insta Novels

The New York Public Library first introduced Insta Novels in August 2018 with the newly digitised edition of Alice’s Adventures in Wonderland. Insta Novels is a reworking of Instagram Novels that offers a new venue for some of the most famous stories ever written. They developed “Insta Novels,” a fun, captivating storytelling style, in collaboration with Mother, a New York advertising agency, to appeal to a population of young readers with incredibly short attention spans. The mission of NYPL was to promote reading among a wider audience outside of its four walls. To accomplish this goal, the organisation has resorted to one of the biggest social media networks in the world, Instagram, where it has 400 million daily active members, to share classic literature.

Videos, Audiobooks, and Podcasts:

By 2023, there will be 1.85 billion monthly podcast listeners worldwide. This indicates that publishers are scrambling to capitalise on the current surge in podcasting. When consumers listen to podcasts while working from home, working out, or travelling, they can more readily ingest longer forms of material while going about their daily lives without having to give the content their complete attention. This is encouraging for all types of publishers because people may now listen to any podcast that interests them, whether it’s about intellectual arguments or celebrity rumours.

The publishing industry’s newest darling is audiobooks. In fact, the digital publishing industry’s fastest-growing sector right now is audiobooks. According to the Association of American Publishers, there has reportedly been a 33.9% rise in the number of audiobooks produced in 2017 compared to 2016. Audible is a very well-known membership service for audio books. In 2018, Amazon introduced Audible and its monthly audiobook subscription service in India. They initially offered a 90-day free trial with credit for three free audiobooks, then offered monthly, semi-annual, and annual plans. It is the best subscription service for the money because of its broad range of books and thoughtfully designed interface, to name just two factors.

The majority of consumer screen time on social media is spent watching short, snackable videos. These movies cover a variety of topics, such as how to make delightful sweets at home and quick tutorials on gym exercises. In any case, viewers prefer watching short movies—between 30 and 75 seconds—and video makers have mostly abandoned the conventional structure of one- to two-minute videos. The difficulty for publishers is to keep viewers entertained in that brief amount of time by making videos that are entertaining and engaging without requiring a lot of attention or time.

Collaboration

You are who you hang out with!

That also applies to writers, even if it refers to digital company.

A content package that is well-coordinated with other publishers, organisations, and even influencers can be more significant and potent than one that could have been produced by a publisher alone. When various firms combine their distinctive skills and knowledge, the ultimate product is nearly always a piece of content that offers consumers more value. It can also refer to technological advancements like partnerships between media companies and producers.

A valuable source of money for authors, book to movie adaptations also guarantee improved exposure for the authors. The Marvel Cinematic Universe, DC Comics, and the Harry Potter Universe are the best examples of all time. Speaking of India, recent successful literary adaptations include Raazi, Sacred Games, and the impending Shantaram television series. The most recent instance globally would be the Times Square grand unveiling of Harry Potter and the Cursed Child. Fifty “wizarding world influencers,” vloggers, bloggers, and everyone else who had been invited to the launch were present. In order to promote the play’s expansion to new international markets and reveal its new tagline, “Sometimes, Darkness Comes from Unexpected Places,” in the form of an immersive theatre, the Broadway producers of Harry Potter and the Cursed Child, in collaboration with the entertainment advertising agency AKA NYC, commandeered Times Square and used 51 towering screens.

Mobile-first approach

For the majority of individuals, mobile is now the best device for internet activity. As a result, it is essential that your publishing platform provide a positive mobile experience. Many things can be limited with a mobile strategy, and there are countless opportunities for creativity. Among the suggestions for establishing a strong mobile presence are things like having:

Mobile-friendly pages are those that are simple to navigate on mobile devices, meaning they don’t obstruct a user’s ability to execute any action or bother them in any way.
AMPs are web pages that load more quickly on mobile devices and are given favour in mobile SERPs. Additionally, AMPs are more likely to appear on Google Discover.
PWAs are webpages designed to take advantage of native mobile capabilities without requiring users to visit the play store or app store and download or buy the app locally. They have the same look and feel of a mobile app.
Push notifications are when your mobile app or website sends notifications to users’ mobile devices after obtaining their consent.
Vertical content is preferable for any videos made for mobile devices as this format is supported and preferred by all the major social media platforms, including Instagram, YouTube, Snapchat, and others. In terms of user engagement, vertical videos outperform horizontal counterparts by 58%.

As more websites link to your material, you will gain backlinks in addition to pleasing your audience by producing high quality content. High E-A-T levels are one of the traits of high-quality material (expertise, authoritativeness, and trustworthiness). If you are unfamiliar with the phrase, it is a component of Google’s quality standards that determines how a page will rank for a particular keyword: In order to determine the Page Quality grade for a given piece of content, Google considers a number of factors, including the author’s experience, the website’s authority, the website’s credibility, and the website’s trustworthiness.

You will appear higher on Google if your material has a higher Page Quality rating. Having consumers for all types of material, including written, audio-visual, and more, is essential to producing outstanding content.

Publishers are changing how users consume their information on various screens. It’s time to revolutionise the publishing industry by creating wiser production strategies based on reader needs and preferences, with a stronger emphasis on digital trends.