Dissecting the New Media Life Cycle
- Experimentation Phase A new technology platform is launched and shared narrowly (generally between a relatively small group of close ties.) Beta invites characterize this phase.
- Adoption Phase As the technology becomes more stable, and feedback from the initial invitees is positive, the Adoption Phase is characterized by a wider user base. Growth spikes initially as early adopters flock to try the new technology and the beta invitation process is lifted.
- Gestation Phase During the Gestation Phase, content produced on the platform evolves along with the slowly growing user base. The end of the Gestation Phase is characterized by a "celebrity hit" (a high-profile and exciting use-case that sparks explosive growth.)
- Escalation Phase Sparked by the celebrity hit in the Gestation Phase, the platform grows exponentially. It's at the top of this growth curve when more traditional media starts touting the platform's success. (This is when most publishers start chasing the "new" opportunity.)
- Monetization Phase While growth slows, attention turns to the longevity, business model, and revenue potential for the platform itself. During the Monetization Phase, users struggle to determine the return on investment for the technology itself.
- Maintain Phase If the platform proves valuable to its user base during the Monetization Phase, the platform moves into the Maintain Phase. Here adoption of the technology equals attrition (the platform's user base stabilizes) and the value of the platform is proven for a specific set of use cases.
With even a basic understanding of the new media life cycle, you're ready to build a Diversified Technology Portfolio.
The Diversified Technology Portfolio
You and your team can stay ahead of the market if you dedicate a small amount of resources to a simple technology diversification strategy. By spreading your resources across a wide variety of technologies as they move through the new media life cycle you minimize the risk of being left behind by the competition, increase the chances of success, and eliminate the likelihood of being blind-sided by a technology you've never heard of.