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.
Aitamurto.T. 2015.“The Role of Crowdfunding as a Business Model in Journalism: A Five- Layered Model of Value Creation.” In: B. Chin, L. Bennett, & B.Jones (eds), Crowdfunding the Future. New York: Peter Lang, pp. 189-205.
Cook, C. & E. Sirkkunen. 2013. “What's in a Niche? Exploring the Business Model of Online Journalism.”Journal of Medio Business Studies 10(4): 63-82.
Dowling, D. 2016. “The Business of Slow Journalism.” Digital Journalism 4(4): 530-546.
Gronroos, C. & P. Voima. 2013. “Critical Service Logic: Making Sense ofValue Creation and Co-creation.” Journal of the Academy of Marketing Science 41(2): 133-150.
Habig.J. 2016. “Is 360 Video Worth It?” Thinkwithgoogle.com. www.thinkwithgoogle.com/ advertising-channels/video/360-video-advertising/ [Accessed 23 September 2019].
Hall, S. 2016. “The New York Times’VR Experimentation Is Making Money.” Fipp.com. www.fipp.com/news/features/nyt-vr-experimentation-is-making-money [Accessed 23 September 2019].
Helander, N. & V. Vuori. 2017. “Value Co-Creation Analysis in Customer-Supplier Network Relationships.” In: [.Vesalainen, K.Valkokari, & M. Hellstrom (eds), Practices for Network Management: In Search of Collaborative Advantage. London: Palgrave Macmillan, pp. 251-262.
ING. 2014. “2014 Study Impact of Social Media on News: More Crowd-Checking, Less Fact-Checking.” Ing.com. www.ing.com/Newsroom/All-news/NW/2014-Study- impact-of-Social-Media-on-News-more-crowdchecking-less-factchecking.htm [Accessed 23 September 2019].
Kiing, L. 2017. Going Digital: A Roadmap for Organisational Transformation. Oxford, UK: Reuters Institute for the Study of Journalism with the support of Google and the Digital News Initiative.
Lee, A. & I. Hsiang. 2014.“When Newsworthy is not Noteworthy: Examining the Value of News from the Audiences Perspective!’Journalism Studies 15(6): 807-820.
Lewis, S. C. & O.Westlund. 2015.“Actors, Actants, Audiences, and Activities in Cross-media News Work.” Digital Journalism 5(1): pp. 19-37.
Medium.com. 2018. “Journalism360.” Medium.com. https://medium.com/journalism360 [Accessed 23 September 2019].
Nelson, J. & F. Ryan. 2017. “The Effect of Digital Platforms on News Audience Behavior.” Digital Journalism 5(6): 609-633.
Newman, N. 2016. News Alerts and the Battle for the Lockscreen. Oxford, UK: Reuters Institute for the Study of Journalism, Oxford University. Apo.org. https://apo.org.au/node/71073 [Accessed 23 September 2019].
Ostervvalder, A. & Y. Pigneur. 2010. Business Model Generation: A Flandbook for Visionaries, Came Changers, and Challengers. Hoboken, N): John Wiley & Sons.
Prat, C. 2018. “How 360Video Can Add Value to Journalism.” Medium.com. https://medium. com/journalism360/how-360-video-can-add-value-to-journalism-227c461b9aca [Accessed 23 September 2019].
Robertson, A. 2016. “The New York Times is Sending Out a Second Round of Google Cardboards.” The Verge, www.theverge.com/2016/4/28/11504932/new-york-times-vr- google-cardboard-seeking-plutos-frigid-heart [Accessed 23 September 2019].
Strategyzer. 2018. BMC template. www.creatlr.com/template/UOLHsfqGrLzugzVVttoile/ business-model-canvas/ [Accessed 23 September 2019].
Stroud, N., C. Peacock, & A. Curry. 2016. “Mobile News Notifications. Engaging News Project.” Austin,TX: Center of Media Engagement, Moody College of Communication, University ofTexas. https://mediaengagement.org/research/mobile-news-notifications/ [Accessed 23 September 2019].
T Brand Studio. 2017. Home Page, www.tbrandstudio.com/about-us/ [Accessed 23 September 2019].
Vanhalakka, J. 2018. “Value Creation in Virtual and Augmented Reality.” Masters thesis. Finland: Tampere University ofTechnology.
Walter, A.,T. Ritter, & H. Gemunden. 2001. “Value-Creation in Buyer-Seller Relationships: Theoretical Considerations and Empirical Results from a Suppliers Perspective.” Industrial Marketing Management 30: 365-377.
Watson, Z. 2017. “VR for News: the New Reality?” Digital News Project, www.digital newsreport.org/publications/2017/vr-news-new-reality/#a-news-vr-proposition-to- win-tomorrows-audience [Accessed 23 September 2019].
Westlund, Oscar. 2015. “News Consumption in an Age of Mobile Media: Patterns, People, Place, and Participation.” Mobile Media & Communication 3(2): 151-159.