We help media and entertainment companies—sports leagues, movie studios, diversified media companies—with every phase of new product development. From process development, to ideation, to concept execution—we help senior executives adopt proven innovation processes. Our consultants share frameworks and develop in-house capabilities that enable efficient and abundant new product engines.
The keys to fostering innovation are often clear: finding the right talent, encouraging collaboration and risk taking, and organizing the innovation process from beginning to end. We help companies take on these challenges and build world-class innovation organizations to innovate successfully and at scale.
Examples of our work
- Helped a leading US newspaper identify new products and services targeted to baby boomers. Building on proprietary research from the McKinsey Global Institute, we augmented consumer research, performed a series of consumer ethnographies, analyzed online content for high potential topics, and performed competitive scans and interviews with advertisers and marketers. We helped our client build these steps into the company’s existing product development process, making it more flexible and rigorous. Business cases for the new products that resulted identified up to $40 million in potential incremental revenue.
- Assisted a global information service provider looking to increase the effectiveness of its product development efforts and coordinate activity across decentralized business units. We supported the CEO in identifying new leadership for cross-divisional groups, identified several cross-divisional product concepts, and supported a new innovation council and a new product advisory panel. With these shifts, new product development costs fell by $150 million per year.
- Helped an international television production company to explore new service offerings in live events and branded retail products. We sized each market, reviewed competitors and profit pools, and developed a market-entry path and potential business models. We helped the company place these growth initiatives into a broader innovation and strategic framework and built best-in-class brand management capability to ensure the company could assess the performance of new products. We are now assisting as the client implements the new branding and licensing strategies that we helped define.
Proprietary tools and insights
Our teams draw upon proprietary tools and data to develop fact-based insights for designing new product and service offerings. These include:
- Global Innovation Benchmarking Survey, documenting best-practice innovation management to reveal how companies succeed at innovation and how high performers differentiate themselves from the pack.
- Innovation Performance Score, a quantitative, outside-in methodology to measure innovation performance in products and also in processes and business models. The total innovation score is broken down into segment scores.