Lessons in Innovation and Longevity from Hollywood

Movie-making, one of the few American industries to dominate the global market over an extended period, faced threats from TV, the internet, and digital piracy. However, understanding the customers, innovation, and restructuring helped them survive. Failure is commonplace in Hollywood, but internal criticism and ongoing revision enable lessons learned and moving on. The new creative team gets enormous freedom, minimum interference from the studio, and recognition within the team achievements. A global ambition and marketing strategy use aggressive and well-funded campaigns with heavy social media use, creating awareness and buzz. Every business can learn from the hard-headed business professionals' management of a risky new product portfolio in Hollywood.