Table of Contents:

Implications

The opportunities for new kinds of ways to experience journalism that the immersive technologies offer have also a potential to create business value. However, the capture of this value in terms of financial profits is not straightforward. Immersive technologies often offer cost savings as a substantial value proposition in different industries. Identifying different value functions and elements on the BMC helps to communicate the value that is created with the immersive journalism approach, and is a step toward identifying the financial gains from it. Content creation is expensive, and thus the avenue for direct cost savings is not viable in the field of journalism. The value function and BMC analysis tools help to identify other reasons why investing resources to create immersive content might be viable.

Examples from the field of digital journalism show that the overwhelmingly hectic pace of communication in news media has created a counter-movement in slow journalism (Dowling 2016). Immersive journalism has similar elements to the slow movement, with the emphasis on high-quality and thought-through development processes. A broad understanding of value reduces the significance of publication pace as an element of value.

Value analysis also helps journalism organizations to view consumers as key partners in the value creation process. Instead of being a mere recipient, the consumer becomes an active participant in the process of viewing the immersive content. This role can be further emphasized by engaging the consumers as ideators, promoters, and even creators of the immersive content. The role of the media company changes from content creator to content production coordinator, and at the same time the possibilities of value creation and monetization become more varied. Indirect value functions such as market, access, and scout can be important to point out, and lead the immersive branded content creation from being thought of as only marketing or advertising toward co-innovation with different actors.

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