Film, Video and Photography
Edited by Robert DeFillippi and Patrik Wikström
Chapter 11: Using ‘crowd-wisdom strategy’ to co-create market value: proof-of-concept from the movie industry
AbstractNew product development is a hit-or-miss bet, especially for movies. One way to reduce this risk is what we call the ‘sequel strategy’. But as with originals, market success for sequels is difficult to predict. So, how to create a successful original movie in the first place? Increasingly, companies use crowd-wisdom to help them evaluate and generate new ideas. We call this ‘crowd-wisdom strategy’. Based on real examples, we first construct a business model. Then, focusing on idea-evaluation, we provide proof-of-concept that the Crowd has the ability to accurately evaluate movies’ market value before they come to market.
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