Strategic Business Models in Times of Transformational Change and Crisis

Abstract

Media companies worldwide are trying to adapt to the new challenges brought about by the economic crisis and technological revolution. However, some of these efforts are doomed to fail because media tends to concentrate on adapting particular elements of their business models, instead of changing the entire business model logic. This work proposes an innovative business model typology and is based on the hypothesis that if a company could re-arrange its structural elements around this typology, it could have much better chances in its fight to overcome the challenges posed by the ever changing and competitive digital ecosystem. To test this typology the authors used case study methodology and drew from evidence collected from in-depth interviews with journalists from two Greek websites. Ultimately, the article provides the basis for generating new theories about business models and finds that even in times of crisis and transformational change, media companies can survive as long as they perceive crisis -and any other kind of challenge for that matter- as an opportunity for creative change.