You are on page 1of 6

7HOHYLVLRQ%HWZHHQ

$QDORJ
DQG
'LJLWDO
%\0D['DZVRQ

)LJXUH'RQ¶WFRXQWWHOHYLVLRQRXW

$EVWUDFW7KLVDUWLFOHH[DPLQHVWKHGLI UHVHDUFK GHILFLW WKDW KDV DFFRPSDQLHG DQG VHUYLFHV , FRQFOXGH ZLWK WKRXJKWV
IXVLRQRIWKHGLJLWDOWHOHYLVLRQSODWIRUPV LW$OWKRXJKWKHDGRSWHUVRIGLJLWDOSODW DERXW KRZ WHOHYLVLRQ VWXGLHV VFKRODUV
LQWURGXFHGVLQFHWKHV7KXVIDUWKH IRUPV DUH WKH VXEMHFW RI LQWHQVLYH FRU PLJKWUHGUHVVDUHVHDUFKGHILFLWWRZKLFK
DGRSWLRQ RI WKHVH SODWIRUPV KDV WHQGHG SRUDWH DQG VFKRODUO\ UHVHDUFK LQGXVWU\ ZHRXUVHOYHVFRQWULEXWH
WREUHDNGRZQRQVRFLRHFRQRPLFOLQHV WDON DQG WHOHYLVLRQ VWXGLHV VFKRODUVKLS
SURPSWLQJ FRQFHUQHG REVHUYHUV WR WDNH UDUHO\DFNQRZOHGJHWKHVHSODWIRUPV¶QR
QRWH RI D ZLGHQLQJ ³GLJLWDO WHOHYLVLRQ QDGRSWHUV $IWHU DWWHPSWLQJ WR DFFRXQW
GLYLGH´ %XW HYHQ PRUH GLVFRQFHUWLQJ IRUWKHVSRUDGLFDQGKDOWLQJQDWXUHRIWKH &RS\ULJKW‹7D\ORU )UDQFLV*URXS//&
WKDQWKLVGLJLWDOWHOHYLVLRQGLYLGHLVWKH GLIIXVLRQ RI GLJLWDO WHOHYLVLRQ GHYLFHV '2,


 -3) 7²-RXUQDORI3RSXODU)LOPDQG7HOHYLVLRQ

.H\ZRUGVDGRSWLRQFRQYHUJHQFHGLJL ELWHUVRIWHFKQRORJLFDOIDVKLRQ'HVSLWH RI$PHULFDLVVXHGDZKLWHSDSHUWKDWDQ


WDO FXOWXUH QHZ PHGLD QRQDGRSWLRQ WKH IOXUU\ RI K\SH WKDW KDV VXUURXQGHG QRXQFHG ³&RQYHUJHQFH ,V &RPLQJ RI
WHFKQRORJ\WHOHYLVLRQ 79GLJLWDO PHGLD FRQYHUJHQFH DQG GH $JH´ LQ +RZ 1H[W *HQHUDWLRQ 1HW
VSLWH FRXQWOHVV SUHPDWXUH  UHSRUWV RI ZRUNV 5HSRUWVWKDWWHOHYLVLRQ¶VORQJ

6
WKHVH GLJLWDO LQQRYDWLRQV¶ ³UHYROXWLRQ DQWLFLSDWHG DQG HTXDOO\ ORQJGHIHUUHG 
LQFH WKH PLGV JOREDO DU\´ LPSOLFDWLRQV IRU WHOHYLVLRQ¶V LQVWL FRQYHUJHQFH ZLWK GLJLWDO PHGLD KDG
FRQVXPHUHOHFWURQLFV PDQX WXWLRQV DXGLHQFHV DQG IRUPV PDQ\ LI DFKLHYHGFULWLFDOPDVVDUHE\QRPHDQV
IDFWXUHUV DQG 6LOLFRQ 9DOOH\ QRWPRVW$PHULFDQVFRQWLQXHWRH[SHUL HQGHPLFWRWKHSRVW<RX7XEHL3KRQH
VWDUWXSV KDYH ODXQFKHG D VXF HQFHWHOHYLVLRQDVDEURDGFDVWPHGLXP RU7L9RZRUOGDVHDUO\DVWKH1HZ
FHVVLRQRIGLJLWDOWHOHYLVLRQDFFHVVRULHV FKDUDFWHUL]HGE\WKHUHDOWLPHUHFHSWLRQ <RUN 7LPHV ZDV LQIRUPLQJ LWV UHDGHUV
DQG VHUYLFHV PDQ\ RI ZKLFK DUULYHG RIOLQHDUO\VFKHGXOHGSURJUDPIORZVRQ WKDW³>W@KHSURPLVHDQGWKUHDWRIµGLJLWDO
EXQGOHGLQWKHSURPLVHWKDWWKH\ZRXOG VWDQGDUGGHILQLWLRQDQDORJVHWV$WSUHV FRQYHUJHQFH¶KDYHDUULYHG´ 0DQHV& 
UHKDELOLWDWH WHOHYLVLRQ DQG HPSRZHU LWV HQWWHOHYLVLRQLVWUXO\DPHGLXPLQWUDQ ,QGHHGZHFRXOGIROORZDWUDLORIQHDUO\
YLHZHUV5HIOHFWLQJEDFNRQWKLVSHULRG VLWLRQQHLWKHUDQDORJQRUGLJLWDOLWRFFX LGHQWLFDO KHDGOLQHV DQG VRXQG E\WHV
RILQQRYDWLRQLWLVSRVVLEOHWRLGHQWLI\D SLHVDQLQGHWHUPLQDWHSODFHVRPHZKHUH EDFNWRWKHODWHVZKHQFRPSXWHU
VHULHVRIVLJQLILFDQWZD\SRLQWVRQWHOHYL EHWZHHQ WZR WHFKQRORJLFDO UHJLPHV FRPSDQLHV OLNH 0LFURVRIW DQG$PHULFD
VLRQ¶V SDWK WR FRQYHUJHQFH ZLWK GLJLWDO :KDWIROORZVLVDQDWWHPSWERWKWRFRPH 2QOLQHILUVWEHJDQH\HLQJWHOHYLVLRQDVD
PHGLDLQFOXGLQJWKHLQWURGXFWLRQRIWKH WRWHUPVZLWKWKLVLQEHWZHHQQHVVDQGWR SRWHQWLDOJURZWKPDUNHW
GLJLWDOYHUVDWLOHGLVF '9' LQWKH UDLVHDIHZTXHVWLRQVDERXWKRZWHOHYL ,IZHZHUHLQIDFWWRIROORZWKLVWUDLO
DGYHQW RI WKH QHWZRUNHG GLJLWDO YLGHR VLRQVWXGLHVPLJKWEHJLQWRDFFRXQWIRU ZH ZRXOG LPPHGLDWHO\ QRWLFH WKDW DW
HDFK VWHS RI WKH ZD\ WR FRQYHUJHQFH
FRQVXPHUV KDYH FRQWUDGLFWHG WKHVH
IN SOME INSTANCES BY NECESSITY, BUT IN MANY FODLPV GLVUHJDUGLQJ WKH WLPHWDEOHV
HOHFWURQLFV PDQXIDFWXUHUV DQG FRPSOL

OTHERS BY CHOICE, PEOPLE HAVE BEEN SLOW TO DQW JRYHUQPHQW UHJXODWRUV KDYH VHW IRU
WHOHYLVLRQ¶VGLJLWDOUHLQYHQWLRQ7KHGLI
IXVLRQRIWKHQHZGLJLWDOWHOHYLVLRQSODW
ACQUIRE DIGITAL PLATFORMS AND EVEN SLOWER TO IRUPVKDVEHHQVORZDQGZLOGO\XQHYHQ
'9' LV DQ LPSRUWDQW H[FHSWLRQ LQ WKLV

ABANDON THE ARTIFACTS OF TELEVISION’S UHJDUG E\  PRUH WKDQ  SHUFHQW
RI 86 WHOHYLVLRQ KRXVHKROGV RZQHG

ANALOG ERA.
D '9' SOD\HU ³1LHOVHQ 6WXG\´  %\
FRPSDULVRQ SHQHWUDWLRQ RI WKH QH[W
PRVW VXFFHVVIXO GLJLWDO SODWIRUP WKH
YLGHRJDPH FRQVROH KDG RQO\ UHDFKHG
UHFRUGHU '95  LQ  WKH GHEXW RI WKHVSRUDGLFDQGKDOWLQJQDWXUHRIWHOH  SHUFHQW E\  ³1LHOVHQ 6D\V´ 
WKHILUVWFHOOSKRQHWHOHYLVLRQVHUYLFHLQ YLVLRQ¶V RQJRLQJ WUDQVIRUPDWLRQ LQWR D 0DQ\RIWKHSODWIRUPVLQWURGXFHGVLQFH
WKHODXQFKHVRIWKH$SSOHL7XQHV GLJLWDOPHGLXP WKH ODWH V KDYH VWUXJJOHG WR JDLQ
YLGHR VWRUH DQG WKH YLGHRVKDULQJ :HE ,Q LWV :HE FRYHUDJH RI WKH -DQXDU\ IRRWKROGVZLWKFRQVXPHUV2QO\SHU
VLWH <RX7XEHFRP ZLWKLQ D PRQWK RI  &RQVXPHU (OHFWURQLFV 6KRZ WKH FHQWRI$PHULFDQKRPHVKDYHDFFHVVWR
HDFKRWKHULQWKHDUULYDORI DXGLHQFHPHDVXUHPHQWILUPWKH1LHOVHQ YLGHRRQGHPDQGVHUYLFHVWKURXJKWKHLU
WKHVHYHQWKJHQHUDWLRQRIKRPHJDPLQJ &RPSDQ\ UHSRUWHG WKDW WKH XQRIILFLDO FDEOH SURYLGHUV DQG D VPDOOHU SHUFHQW
FRQVROHV WZR RI ZKLFK ZHUH HTXLSSHG WKHPH RI WKDW \HDU¶V FRQYHQWLRQ ZDV DJH XVHV WKHVH VHUYLFHV RQ D PRQWKO\
ZLWK HQKDQFHGUHVROXWLRQ YLGHR GLVF ³FRQYHUJHQFH LV ILQDOO\ KHUH´ ³&(6 EDVLV 0DJQD  $IWHU QHDUO\ D GHFDGH
SOD\HUV DQGWKH-XQHWUDQVLWLRQWR ´  7KLV ZDV QRW WKH ILUVW WLPH ZH RQ WKH PDUNHW '95 DGRSWLRQ UDWHV
DQDOOGLJLWDOV\VWHPRIEURDGFDVWLQJLQ KDGKHDUGWKLVFODLPLQ6DQ)UDQ KDYH RQO\ UHFHQWO\ VXUSDVVHG  SHU
WKH 8QLWHG 6WDWHV ,Q WKLV EULHI DUWLFOH FLVFR &KURQLFOH WHFK ZULWHU 'DQ )RVW FHQW ³+RZ'95V´ DGRSWLRQUDWHVIRU
, DUJXH WKDW ZKDW LV PRVW UHPDUNDEOH VXJJHVWHG WKDW ZLWK WKH LQWURGXFWLRQ SODFHVKLIWLQJGHYLFHVOLNHWKH6OLQJER[
DERXWWKLVSHULRGLVQRWWKHVKHHUQXPEHU RI $SSOH¶V L3KRQH ³WKH ORQJDZDLWHG ZKLFKDOORZVYLHZHUVWRUHWUDQVPLWSUR
RI QHZ SODWIRUPV WKDW KDYH DSSHDUHG SURPLVHRIGLJLWDOFRQYHUJHQFHZDVIXO JUDPPLQJ IURP WKHLU KRPHV WR UHPRWH
QRUWKHQRYHOXVHVWKHVHSODWIRUPV¶GH ILOOHG´ )RVW LQJOREDOFRQVXOWLQJ VFUHHQV DQGVXEVFULSWLRQEDVHGPRELOH
YHORSHUV KDYH IRXQG IRU WKH TXRWLGLDQ ILUP$WHOLHUSUHIDFHGDUHSRUWRQ,QWHU YLGHR VHUYLFHV OLNH 9HUL]RQ¶V 9&DVW
WHOHYLVLRQ UHFHLYHU EXW UDWKHU WKH UHVLO QHWSURWRFROWHOHYLVLRQ ,379 ZLWKWKH ZKLFKGHOLYHUVOLYHDQGRQGHPDQGSUR
LHQFHRIDUWLIDFWVDQGSUDFWLFHVGHHPHG DVVXUDQFH WKDW ³FRQYHUJHQFH LV ILQDOO\ JUDPPLQJWRFHOOSKRQHV UHPDLQVWDOOHG
REVROHWH E\ HOHFWURQLFV PDQXIDFWXUHUV KHUH´ ³0DGHIRUWKH1HW´ DQGLQ LQ WKH VLQJOH GLJLWV :KLWQH\ ³1HZ´ 
WHFKMRXUQDOLVWVEORJJHUVDQGRWKHUDU WKH,QIRUPDWLRQ7HFKQRORJ\$VVRFLDWLRQ $QGDOWKRXJKWKHQXPEHURI$PHULFDQV
 7HOHYLVLRQ%HWZHHQ$QDORJDQG'LJLWDO 

ZLWK DFFHVV WR EURDGEDQG FRQWLQXHV WR D[LDO 5&$ DQG +'0, FDEOHV 8QOLNH PRUH WKDQ  KRXUV ZDWFKLQJ WHOHYL
ULVHUHDFKLQJSHUFHQWRIWKHQDWLRQ¶V FRPSXWHUVFHOOSKRQHVDQGYLGHRJDPH VLRQ HDFK PRQWK EXW OHVV WKDQ ILIWHHQ
DGXOW SRSXODWLRQ LQ  WKH PDMRULW\ FRQVROHVVXFFHVVLYHJHQHUDWLRQVRIWHOH KRXUV WRWDO RQ ZDWFKLQJ WLPHVKLIWHG
RI RQOLQH YLGHR YLHZHUV KDLO IURP WKH YLVLRQ¶V UHFHSWLRQ VWRUDJH DQG GLVSOD\ WHOHYLVLRQZDWFKLQJYLGHRVRQOLQHDQG
\RXQJHVW DQG ZHDOWKLHVW GHPRJUDSKLFV WHFKQRORJLHVKDYHPDLQWDLQHGEDFNZDUG PRELOH YLHZLQJ ³$0´ $QG ZKLOH
+RUULJDQL:KLWQH\³+XOX¶V´  FRPSDWLELOLW\ ZLWK WKH WHFKQLFDO VWDQ WKHEURDGFDVWQHWZRUNV¶DXGLHQFHVKDUHV
,Q VRPH LQVWDQFHV E\ QHFHVVLW\ EXW GDUGVVHWDWWKHUHODXQFKRIFRPPHUFLDO KDYH GHFOLQHG SUHFLSLWRXVO\ DFURVV WKH
LQ PDQ\ RWKHUV E\ FKRLFH SHRSOH KDYH WHOHYLVLRQEURDGFDVWLQJLQWKHV$V ODVW WKUHH GHFDGHV UDWLQJV IRU EURDG
EHHQ VORZ WR DFTXLUH GLJLWDO SODWIRUPV DUHVXOWZKLOHWHOHYLVLRQVHWGHVLJQVUDS FDVW FRYHUDJH RI OLYH HYHQWVW\OH SUR
DQGHYHQVORZHUWRDEDQGRQWKHDUWLIDFWV LGO\FRPHLQWRDQGRXWRIIDVKLRQ WKLQN JUDPVUHPDLQVWURQJLQDUHFRUG
RIWHOHYLVLRQ¶VDQDORJHUD,QSDUWLFXODU WKH DUWLFXODWHG 3KLOFR 3UHGLFWDV RI WKH PLOOLRQYLHZHUVZDWFKHGWKH6XSHU
$PHULFDQVKDYHKHOGRQWRWKHLUFDWKRGH VRUWKHUHDUSURMHFWLRQEHKHPRWKV %RZODQGIRUWKHILIWK\HDULQDURZWKH
UD\ WXEH &57  WHOHYLVLRQ VHWV$PRQJ RIWKHV WHOHYLVLRQVHWVWKHPVHOYHV OLYHVLQJLQJFRPSHWLWLRQ$PHULFDQ,GRO
PHGLDWHFKQRORJLHVWHOHYLVLRQVHWVKDYH UDUHO\ EHFRPH WHFKQLFDOO\ REVROHWH )2; ±  ZDV WHOHYLVLRQ¶V WRS
DOZD\V KDG RQH RI WKH ORQJHVW UHSODFH 0RUH WKDQ VL[ GHFDGHV RI EDFNZDUG UDWHGSURJUDP *RUPDQ³6XSHU%RZO´
PHQW F\FOHV ZLWK FRQVXPHUV W\SLFDOO\ FRPSDWLEOH LQQRYDWLRQ KDV SUHSDUHG DQG³$PHULFDQ,GRO´ )RUWKHWLPHEH
ZDLWLQJ EHWZHHQ VL[ DQG WHQ \HDUV EH YLHZHUVIRUWKHH[WUDRUGLQDU\KHWHURJH LQJDWOHDVWLWZRXOGDSSHDUWKDWDVLJ
WZHHQVHWSXUFKDVHV 0DOLN $KDOIFHQ QHLW\RIWHOHYLVLRQ¶VFRQWHPSRUDU\WHFK QLILFDQW QXPEHU RI $PHULFDQ YLHZHUV
WXU\ DJR WHOHYLVLRQ¶V OHQJWK\ UHSODFH QRORJLFDO HQVHPEOHV DQG EH\RQG WKDW VWLOOFKDQQHOVXUIJDWKHULQODUJHJURXSV
PHQWF\FOHGUDJJHGRXWWKHWUDQVLWLRQWR WRILQGQHZXVHVIRUWKHK\EULGDQDORJ WRZDWFKOLYHEURDGFDVWVDQGUHFRUGSUR
FRORU EURDGFDVWLQJ D VLPLODU VFHQDULR GLJLWDOVHWXSVWKDWDUHQRZSHUYDVLYH,Q JUDPVRQWKHLUDJLQJ9&5VLQIDFWDVRI
KDVXQIROGHGVLQFHWKHVDVFRQVXP WKH V YLHZHUV URXWLQHO\ ZDWFKHG PRUHWKDQPLOOLRQ$PHULFDQ
HUV KDYH GHOD\HG UHSODFLQJ WKHLU &57 FRORU EURDGFDVWV RQ PRQRFKURPH VHWV KRXVHKROGVUHFHLYHGWKHLUWHOHYLVLRQVLJ
UHFHLYHUV ZLWK GLJLWDO DQGRU KLJKGHIL RUEODFNDQGZKLWHEURDGFDVWVRQFRORU QDOVRYHUWKHDLUXVLQJURRIWRSRUUDEELW
QLWLRQ +' VHWV$OWKRXJK+'VHWVDOHV VHWVWRGD\YLHZHUVDUHJURZLQJDFFXV HDUDQWHQQDV %DWHV 
VSLNHGLQWKHHDUO\VIXHOHGE\WKH WRPHG WR ZDWFKLQJ  VWDQGDUG GHIL ,QSUHVVUHSRUWVPHGLDLQGXVWU\WDON
LQWURGXFWLRQRIFXWUDWHIODWSDQHOWHOHYL QLWLRQ EURDGFDVWV WKDW KDYH EHHQ KRUL DQGHYHQWHOHYLVLRQVWXGLHVVFKRODUVKLS
VLRQVDVODWHDV)HEUXDU\RQO\RQH ]RQWDOO\VWUHWFKHGWRILWWKHGLPHQVLRQV WKHH[SHULHQFHVRIWKHVHPDQ\PLOOLRQV
LQWKUHH$PHULFDQWHOHYLVLRQKRXVHKROGV RI  ZLGHVFUHHQ +' PRQLWRUV RU WR DUH RYHUVKDGRZHG E\ FRQJUDWXODWRU\
RZQHGDQ+'UHFHLYHU .XU] :LWKUH FRQQHFWLQJWKHLUODSWRSVWRWKHLUDQDORJ DFFRXQWVRIWKHSURFOLYLWLHVRIDOLPLWHG
VSHFWWRWKHRYHUDOOQXPEHURIWHOHYLVLRQ OLYLQJURRPVHWVWRWUDQVIRUPWKHVLQJX SRSXODWLRQRIHDUO\DGRSWHUV,QWKHUDUH
VHWV LQ XVH DQDORJ UHFHLYHUV FRQWLQXH ODUH[SHULHQFHRIZDWFKLQJ,QWHUQHWYLUDO LQVWDQFHVZKHQZHGRKHDUDERXWWKHVH
WR RXWQXPEHU GLJLWDO RQHV LI RQO\ IRU YLGHRVLQWRDJURXSDFWLYLW\7KHWUDQVL YLHZHUV LW LV RIWHQ ZLWKLQ WKH FRQWH[W
WKH UHDVRQ WKDW WHOHYLVLRQV WHQG WR OHDG WLRQWRGLJLWDOKDVQRWPDGHREVROHWHWKH RI UHSRUWV RQ WKH ³GLJLWDO WHOHYLVLRQ GL
OHQJWK\ DIWHUOLYHV 7KRXJK D UHJUHW DUWLIDFWV RI WHOHYLVLRQ¶V DQDORJ HUD RQ YLGH´LQZKLFK³DQDORJYLHZHU´LVYLU
WDEO\ ODUJH QXPEHU RI &57 WHOHYLVLRQV WKHFRQWUDU\LWKDVFURVVEUHGWKHPZLWK WXDOO\ V\QRQ\PRXV ZLWK ³WHFKQRSKR
ILQG WKHLU ZD\ LQWR ODQGILOOV DIWHU WKHLU WKHLU RVWHQVLEOH VXFFHVVRUV $QDFKUR ELF VKXWLQ´ RU ³KHOSOHVVO\ LQHSW VHQLRU
RZQHUVSXUFKDVHQHZGLJLWDOVHWVPDQ\ QLVPDQGLQEHWZHHQQHVVUHPDLQGHILQ FLWL]HQ´,QWKHOHDGXSWRWKHIHGHUDOO\
DUH SDVVHG RQ WR RWKHUV HLWKHU ZLWKLQ LQJFKDUDFWHULVWLFVRIPDQ\YLHZHUV¶HY PDQGDWHG )HEUXDU\  VZLWFKRYHU
IDPLOLHV DV ZKHQ WKH OLYLQJ URRP VHW HU\GD\H[SHULHQFHVRIWHOHYLVLRQPXFK WR GLJLWDO EURDGFDVWLQJ JURXSV OLNH WKH
PLJUDWHV XSVWDLUV WR D FKLOG¶V EHGURRP DV WKH\ KDYH EHHQ IRU WKH PDMRULW\ RI /HDGHUVKLS &RXQFLO RQ &LYLO 5LJKWV
WRPDNHVSDFHIRUDIODWSDQHOPRQLWRU WHOHYLVLRQ¶VKLVWRU\ /&&5  DQG$$53 LQYRNHG WKH ORRP
RUZLWKLQFRPPXQLWLHVDVZKHQSHRSOH 7HOHYLVLRQ¶V DQDORJHUD YLHZLQJ LQJ WKUHDW RI WKLV GLJLWDO GLYLGH DV WKH\
VHOOWKHLUXQZDQWHGVHWVDWJDUDJHVDOHV SUDFWLFHVKDYHOLNHZLVHHQGXUHGWKHRQ OREELHG WKH JRYHUQPHQW WR LQFUHDVH LWV
RU GRQDWH WKHP WR FKDULWDEOH RUJDQL]D VODXJKWRIQHZGLJLWDOSODWIRUPV7DNLQJ VXSSRUW RI VXEVLGLHV PHDQW WR DOOHYLDWH
WLRQV¶UHVDOHVKRSV DGYDQWDJH RI WKH FRPSUHVVLELOLW\ DQG WKH FRVWV DVVRFLDWHG ZLWK XSJUDGLQJ WR
:LWK WKH DUULYDO RI PRUH DIIRUGDEOH LQWHURSHUDELOLW\RIGLJLWDOELWVWKHVHLQ GLJLWDO HTXLSPHQW 7R KDPPHU KRPH
IODWSDQHO WHOHYLVLRQV WKH EXON\ &57 QRYDWLRQV LQWURGXFHG D QXPEHU RI QHZ WKHFRQVHTXHQFHVRILQDFWLRQDGYRFDWHV
KDVEHFRPHDQXQIDVKLRQDEOHV\PERORI XVHV IRU WKH WHOHYLVLRQ UHFHLYHU VXFK ZDUQHGWKDWWKHVZLWFKRYHUZRXOGUHVXOW
WHOHYLVLRQ¶VDQDORJSDVW )LJXUH 7KDW DV WKH DELOLW\ WR SDXVH DQG UHZLQG OLYH LQPLOOLRQVRIVHQLRUFLWL]HQVORVLQJDF
VDLG,DPKDUGSUHVVHGWRFRPHXSZLWK EURDGFDVWV LQVWDQWDQHRXVO\ GRZQORDG FHVV WR WKHLU PRVW LPSRUWDQW OLQN WR D
D PRUH ILWWLQJ V\PERO RI WHOHYLVLRQ¶V WHOHYLVLRQ SURJUDPV RU IHDWXUH ILOPV VRFLHW\IURPZKLFKPDQ\DUHRWKHUZLVH
SUHVHQW VWDWH RI LQEHWZHHQQHVV WKDQ D RUVKRSYLDRQH¶VUHPRWHFRQWURO+RZ H[FOXGHG
&57WKDWKDVEHHQDWWDFKHGWRDGLJLWDO HYHUVWDWLVWLFDOO\VSHDNLQJWKHVHUHPDLQ $GYRFDF\ JURXSV¶ FRQFHUQV DERXW
FDEOHER[D3OD\VWDWLRQRUD7L9RGLJ PDUJLQDODFWLYLWLHVDVRIWKHILUVWTXDU KRZ WKLV ZLGHQLQJ GLJLWDO WHOHYLVLRQ
LWDOYLGHRUHFRUGHUYLDDUDW¶VQHVWRIFR WHU RI  YLHZHUV VSHQW RQ DYHUDJH GLYLGH LPSDFWV ³VRFLHW\¶V PRVW YXOQHU
 -3) 7²-RXUQDORI3RSXODU)LOPDQG7HOHYLVLRQ

DEOH DQG GLVDGYDQWDJHG´ DUH FHUWDLQO\


ZHOOIRXQGHG HYHQ DV ,QWHUQHW XVH KDV
LQFUHDVHG DPRQJ VHQLRU FLWL]HQV WHOH EARLY ADOPTERS OF DIGITAL TELEVISION PLATFORMS
YLVLRQKDVUHPDLQHGPDQ\VHQLRUV¶SUL
PDU\VRXUFHRILQIRUPDWLRQSDUWLFXODUO\ TEND TO ALSO BE EARLY ADOPTERS OF “SOCIAL MEDIA”
LQWLPHVRIFULVLV 7UDQVLWLRQ +RZHYHU
H[SUHVVLRQV RI WKHVH FRQFHUQV RFFOXGH
WKH UDQJH RI UHDVRQV WKDW DOO SHRSOH
TOOLS AND TO USE THOSE TOOLS TO BROADCAST
UHJDUGOHVV RI WKHLU DJH RU LQFRPH PD\
KDYHIRUDGRSWLQJRUQRWDGRSWLQJGLJL TO “FRIENDS” AND ANONYMOUS OTHERS THE
WDO WHOHYLVLRQ SODWIRUPV$V /LVD 3DUNV
KDVVXJJHVWHGWKHVHUHDVRQVPD\EHDV
VLPSOHDVDUHOXFWDQFHWRUHSODFHGHYLFHV
MOST INTIMATE (AND BANAL) DETAILS ABOUT THEIR
WKDWVWLOOZRUN 3DUNV DOWHUQDWLYHO\WKH\
PD\DULVHRXWRIDFRQVHUYDWLRQLVWHWKRV CONSUMPTION OF MEDIA AND MEDIA TECHNOLOGIES.
RU RXW RI DQ LQGLYLGXDO¶V GHVLUH WR WDNH
DSULQFLSOHGVWDQGDJDLQVWWKHLUUDWLRQDO GHVLUDEOH PDUNHW VHJPHQWV VHH 6SLJHO DQFLOODU\ GLJLWDO H[WHQVLRQV OLNH :HE
LW\RIWHFKQRORJLFDOIDGV'LVFXVVLRQVRI DQG'DZVRQ <HWWKHUHDUHRWKHUWHFK VLWHV '9' UHOHDVHV DQG YLGHRJDPH
WKHGLJLWDOWHOHYLVLRQGLYLGHSRVLWLRQWKH QRORJLFDO H[SODQDWLRQV IRU ZK\ WKHVH VSLQRIIV 'LJLWDO WHOHYLVLRQ¶V UHVHDUFK
DGRSWLRQ RI GLJLWDO SODWIRUPV DV QDWX YLHZHUV KDYH DWWUDFWHG VR PXFK DQG GHILFLWWKXVDPSOLILHVPHGLDFRPSDQLHV¶
UDOQHFHVVDU\DQGXQLYHUVDOO\DGYDQWD VXFK IRFXVHG DWWHQWLRQ (DUO\ DGRSWHUV HVWDEOLVKHGWHQGHQF\WRFDWHUWR\RXQJ
JHRXVE\H[WHQVLRQWKH\LPSO\WKDWQR RI GLJLWDO WHOHYLVLRQ SODWIRUPV WHQG WR HGXFDWHG XUEDQ DQG ³XSVFDOH´ YLHZ
QDGRSWLRQLVDGHFLVLRQPDGHIRUSHRSOH DOVREHHDUO\DGRSWHUVRI³VRFLDOPHGLD´ HUV SXVKLQJ WKRVH YLHZHUV ZKR GR QRW
E\FLUFXPVWDQFHDVRSSRVHGWRDGHFL WRROVDQGWRXVHWKRVHWRROVWREURDGFDVW ILW ZLWKLQ WKHVH QDUURZ VRFLRHFRQRPLF
VLRQSHRSOHPLJKWFRQFHLYDEO\PDNHIRU WR ³IULHQGV´ DQG DQRQ\PRXV RWKHUV WKH FRQWDLQHUVHYHQIXUWKHUWRZDUGWKHPDU
WKHPVHOYHV7RSDUDSKUDVH6DOO\:\DWW PRVWLQWLPDWH DQGEDQDO GHWDLOVDERXW JLQVRIWKHFXOWXUHLQGXVWULHV¶FRQFHUQV
WKHSRVVLELOLW\RI³>L@QIRUPHGYROXQWDU\ WKHLU FRQVXPSWLRQ RI PHGLD DQG PHGLD 2YHU WKH ODVW GHFDGH RU VR WKH DFD
UHMHFWLRQ´LVQHYHUEUHDFKHG  7KXV WHFKQRORJLHV 7KH VHOISURPRWLRQDO RQ GHPLF GLVFLSOLQH RI WHOHYLVLRQ VWXGLHV
ZKLOH DGYRFDF\ RUJDQL]DWLRQV DFKLHYHG OLQHDFWLYLWLHVRIPDQ\HDUO\DGRSWHUVKDV KDV SURGXFHG LWV RZQ YHUVLRQ RI WKH
WKHLU REMHFWLYH RI UDLVLQJ DZDUHQHVV PDGHWKLVSRSXODWLRQDSUHIHUUHGVXEMHFW FXOWXUH LQGXVWULHV¶ UHVHDUFK GHILFLW ,Q
DERXW WKH QDWLRQ¶V ³DWULVN´ YLHZHUV RITXDOLWDWLYHRQOLQHUHVHDUFK%XWHDUO\ WKH FRXQWOHVV PDQXVFULSWV DUWLFOHV 6R
FRPSHOOLQJWKHJRYHUQPHQWWRGHOD\WKH DGRSWHUVDUHOLNHZLVHFRPSOLDQWVXEMHFWV FLHW\ IRU &LQHPD DQG 0HGLD 6WXGLHV
GLJLWDOVZLWFKRYHUE\IRXUPRQWKVWKH\ RI TXDQWLWDWLYH UHVHDUFK 0DQ\ GLJLWDO 6&06  SDQHOV DQG MRXUQDO VSHFLDO LV
GLG VR DW D FRVW RI FDVWLQJ WKH PLOOLRQV WHOHYLVLRQ SODWIRUPV LQFOXGLQJ '95V VXHVWKDWOLNHWKHSUHVHQWYROXPHKDYH
RI LQGLYLGXDOV ZKR KDYH UHVLVWHG SXW YLGHRRQGHPDQG V\VWHPV DQG YLGHR WDNHQXSWKHZHLJKW\WRSLFRI³WHOHYLVLRQ
RIIRUQRW\HWJRWWHQDURXQGWRUHSODF :HE VLWHV FROOHFW GHWDLOHG GDWD DERXW LQ WUDQVLWLRQ´ ZH KDYH RXUVHOYHV RYHU
LQJWKHLUDQDORJHTXLSPHQWZLWKGLJLWDO ZKDW ZKHQ DQG KRZ YLHZHUV ZDWFK ORRNHG WKH PDQ\ PLOOLRQV ZKRP WKHVH
JHDU DV EHLQJ LPSRYHULVKHG KHOSOHVV DQG UHOD\ WKDW GDWD WR VHUYLFH SURYLG SODWIRUPV LQFRQYHQLHQFH GLVDSSRLQW
DQGDVRXWRIGDWHDVWKHLUDQDORJUHFHLY HUV ZKR PD\ SDFNDJH LW ZLWK RWKHU XV LQWLPLGDWH RU MXVW SODLQ OHDYH FROG 7R
HUV,IGLJLWDOL]DWLRQDQGFRQYHUJHQFHGR HUV¶GDWDIRUVDOHWRWHOHYLVLRQQHWZRUNV DQRYHUZKHOPLQJGHJUHHRXUILHOG¶VDW
QRW PDNH REVROHWH WHOHYLVLRQ VHWV WKH\ VSRQVRUV RU DXGLHQFH UHVHDUFK FRPSD WHPSWVWRSODFHFRQYHUJHQFHLQFRQWH[W
ZRXOGDWOHDVWDSSHDUWRPDNHREVROHWH QLHV ,Q WKLV UHVSHFW GLJLWDO SODWIRUPV KDYH SULYLOHJHG FKDQJH RYHU FRQWLQX
WHOHYLVLRQYLHZHUV H[SRQHQWLDOO\ H[SDQG WKH YROXPH DQG LW\HPHUJHQFHRYHUUHVLGXDOLW\DQGWKH
,Q FRPSDULVRQ WR WKH UHODWLYHO\ ORZ SUHFLVLRQ RI WKH GDWD SURGXFHG DERXW D WHFKQRORJLFDO SURFOLYLWLHV RI WKH OLP
SXEOLFSURILOHRIQRQDGRSWHUVWKHHDUO\ SRSXODWLRQ RI YLHZHUV WKDW ZDV DOUHDG\ LWHG QXPEHU RI VWDWLVWLFDO RXWOLHUV ZKR
DGRSWHUV RI WKH QHZ GLJLWDO WHOHYLVLRQ WKHVXEMHFWRIH[WUDRUGLQDU\VFUXWLQ\$V KDYH HPEUDFHG GLJLWDO SODWIRUPV RYHU
SODWIRUPV KDYH EHHQ XELTXLWRXV RQOLQH WKHGDWDWRUUHQWVSURGXFHGE\PHPEHUV WKH PDQ\ PLOOLRQV ZKR KDYH QRW$V D
LQLQGXVWU\WDONDQGLQWHOHYLVLRQVWXG RIWKLVSRSXODWLRQKDYHGURZQHGRXWWKH FRQVHTXHQFH RXU VFKRODUVKLS RQ WKLV
LHVVFKRODUVKLS7KHDWWHQWLRQWKHFXOWXUH UHODWLYHO\IHLQWWUDFHVOHIWE\QRQDGRSW WRSLF KDV FRPH WR UHIOHFW DQG UHJUHW
LQGXVWULHV KDYH ODYLVKHG RQ DGRSWHUV LV HUV WKH GLJLWDO WHOHYLVLRQ GLYLGH KDV WDEO\ HQGRUVH  WKH LQGXVWU\¶V ORSVLGHG
SHUKDSVXQVXUSULVLQJJLYHQWKHLUGHPR PHWDPRUSKRVHG LQWR D UHVHDUFK GHILFLW IDVFLQDWLRQZLWKDSULYLOHJHGSRSXODWLRQ
JUDSKLF SURILOHV DV , KDYH QRWHG HOVH $UPHG ZLWK WKLV H[WUDRUGLQDULO\ ILQH RI HDUO\ DGRSWHUV ,Q UHFHQW \HDUV DV
ZKHUHWKHDGRSWLRQRIGLJLWDOWHOHYLVLRQ JUDLQHG GDWD WHOHYLVLRQ QHWZRUNV DQG IDLWKLQWUDGLWLRQDODXGLHQFHPHWULFVKDV
SODWIRUPVKDVWHQGHGWREUHDNGRZQRQ WKHLUSDUHQWFRQJORPHUDWHVKDYHLQWHQVL HURGHGWKHFXOWXUHLQGXVWULHVKDYHWDNHQ
VRFLRHFRQRPLFOLQHVZLWKHDUO\DGRSWHUV ILHGWKHLUHIIRUWVWRFRUUDOHDUO\DGRSWHUV DKHLJKWHQHGLQWHUHVWLQWHOHYLVLRQVFKRO
RYHUZKHOPLQJO\ KDLOLQJ IURP WKH PRVW WKURXJKWKHLUSURJUDPPLQJDQGWKURXJK DUV¶ UHVHDUFK PHWKRGRORJLHV DQG FRQ
 7HOHYLVLRQ%HWZHHQ$QDORJDQG'LJLWDO 

FHSWLRQVRIWKH³DFWLYHDXGLHQFH´2YHU HQWWKDWGRHVMXVWLFHWRLWVDQDFKURQ\DQG DQG DFDGHPLFV KDYH W\SLFDOO\ XQGHUVWRRG


WKHVDPHSHULRGRXUILHOGKDVVKLIWHGLWV LQEHWZHHQQHVVDVRSSRVHGWRRQHWKDW ³QRQXVH´ RI WKH ,QWHUQHW DV UHVXOWLQJ IURP
VRFLDO LQHTXDOLWLHV RU SHUVRQDO GHILFLHQFLHV
IRFXVIURPWKHH[SHULHQFHVRILQGLYLGX UHGXFHVLWWRWKHVWDWXVRILQWHUOXGHEH
LJQRULQJ WKH SRVVLELOLW\ WKDW WKDW LQGLYLGX
DOVDQGSXEOLFVZKRPWKHFXOWXUHLQGXV WZHHQWHOHYLVLRQ¶VDQDORJSDVWDQGGLJL DOV PLJKW FRQVFLRXVO\ PDNH WKH GHFLVLRQ WR
WULHVKDYHW\SLFDOO\H[FOXGHGRULJQRUHG WDOIXWXUH"$V,KDYHDWWHPSWHGWRDUJXH QRW XVH D WHFKQRORJ\ WKDW LV VR XQLYHUVDOO\
WR WKRVH RI WKH ZHOORII DQG LQIOXHQWLDO RYHUWKHFRXUVHRIWKHSUHFHGLQJSDJHV ZHOOUHJDUGHG$VDFRQVHTXHQFHWKHPDQ\
HDUO\DGRSWHUVZKRDUHDOUHDG\WKHVXE WKH PDUJLQDOL]DWLRQ RI WKH QRQDGRSWHUV PLOOLRQVRILQGLYLGXDOVZKRGRQRWFKRVHWR
XVHWKH,QWHUQHWDUHFRPPRQO\LPDJLQHGDV
MHFWRIVRPXFKLQGXVWU\DWWHQWLRQ:KDW RIGLJLWDOWHOHYLVLRQSODWIRUPVLVHQDFWHG
WKHKHOSOHVVYLFWLPVRIDQXQMXVWV\VWHPRU
KDVUHVXOWHGLVDKHDOWK\WZRZD\WUDIILF WKURXJKWKHXQHYHQSURGXFWLRQDQGFLU DOWHUQDWLYHO\ DV SHUSHWUDWRUV RI WKHLU RZQ
LQ EX]]ZRUGV DQG WKHRULHV7KLV LV RQH FXODWLRQRILQIRUPDWLRQDQGUHSUHVHQWD GLVHQIUDQFKLVHPHQW ± 
GLPHQVLRQRIRXUFRQWHPSRUDU\FXOWXUH WLRQV UDWKHU WKDQ WKURXJK SUHH[LVWLQJ  $FFRUGLQJ WR RQH  VWXG\ '95V
RI FRQYHUJHQFH WKDW ZH VKRXOG DOO EH FRQGLWLRQV RI GHSULYDWLRQ RU GHILFLHQF\ ZHUH SUHGRPLQDQWO\ IRXQG LQ WKH KRPHV RI
FROOHJH JUDGXDWHV RU WKRVH ZLWK DQQXDO LQ
ZDU\ RI WKH FRQYHUJHQFH RI FULWLFLVP WKDWVWDQGLQWKHZD\RISHRSOH¶VDFFHVV
FRPHV RI  $GXOWV  6XFK ILQGLQJV
DQGPDUNHWUHVHDUFK WRWKHPHDQVRIWHFKQRORJLFDOHPSRZHU GRQRWQHFHVVDULO\FRQWUDGLFWP\HDUOLHUVXJ
$VDILHOGZHGHVSHUDWHO\UHTXLUHZRUN PHQW$VWHOHYLVLRQ¶VFRQYHUJHQFHZLWK JHVWLRQ WKDW FRVW LV QHLWKHU WKH VROH QRU WKH
WKDWORRNVPRUHFORVHO\DWQRQDGRSWHUV¶ GLJLWDOPHGLDFRQWLQXHVWR XQIROG WHOH PRVW LPSRUWDQW IDFWRU LQ GHWHUPLQLQJ WKHVH
QRQIDQV¶DQGHYHQQRQYLHZHUV¶H[SHUL YLVLRQ VWXGLHV VFKRODUV PD\ GRFXPHQW LQQRYDWLRQV¶ GLIIXVLRQ 2Q WKH FRQWUDU\ WKH
HFRQRPLF GLYLVLRQV VHSDUDWLQJ DGRSWHUV
HQFHV RI WHOHYLVLRQ¶V RQJRLQJ WUDQVIRU SUREOHPDWL]H DQG VHHN WR UHGUHVV WKH
IURPQRQDGRSWHUVDUHRYHUODLGZLWKPHVVLHU
PDWLRQV7KHVHVWXGLHVZLOOEHGLIILFXOW SDWWHUQV RI SURGXFWLRQ DQG FLUFXODWLRQ JHQHUDWLRQDO UHJLRQDO DQG VRFLROLQJXLVWLF
WRFRQGXFWDVE\QHFHVVLW\WKH\ZLOOLQ RUZHPD\FRQWLQXHWRUHSURGXFHWKHP GLYLVLRQV )RU LQVWDQFH D PRUH GHWDLOHG DF
YROYHUHVHDUFKWKDWFDQQRWEHSHUIRUPHG ZLWKLQ RXU RZQ VFKRODUVKLS ,Q HLWKHU FRXQWLQJ RI WKH GLIIXVLRQ RI '95V VKRZV
ZKLOH VLWWLQJ LQ IURQW RI FRPSXWHU DQG FDVHWHOHYLVLRQVWXGLHVZLOOPDWWHU WKDWWKHKLJKHVWFRQFHQWUDWLRQVRIWKHGHYLFHV
DUHIRXQGZLWKLQXUEDQFHQWHUVLQWKH$PHUL
ZLOO UHTXLUH XV WR WDON WR VXEMHFWV ZKR
FDQ VRXWK DQG ZHVW SUHGRPLQDWHO\ ZLWKLQ
GR QRW KDYH EORJV RU 7ZLWWHU DFFRXQWV 127(6 WKH KRPHV RI PLGGOHDJHG QDWLYH (QJOLVK
7KH\ZLOODOVRREOLJHXVWRFRQIURQWWKH )RUDQRYHUYLHZRIWKHVHSURPLVHVVHH VSHDNHUV ³&KDUW´ 
QDUFLVVLVP WKDW FKDUDFWHUL]HV VR PXFK %RGG\HVSFKVWKURXJK 6HH$QGUHMHYLFIRUWKHPRVWLQVLJKWIXO
UHFHQWOLWHUDWXUHZLWKLQRXUILHOG:KLOH 7KLVOLVWLVE\QRPHDQVH[KDXVWLYHIRU DFFRXQWRIWKHVHIRUPVRIPRQLWRULQJ
VWDUWHUVLWRPLWVPDMRULQQRYDWLRQVLQVWXGLR 6WDUWLQJLQEURDGFDVWHUVLQFUHDVHG
,ZRXOGQRWEHVRIRROLVKDVWRGLVFUHGLW
DQG SRVWSURGXFWLRQ WHFKQRORJLHV LQFOXG WKHLURUGHUVIRUH[SHQVLYHQDUUDWLYHO\FRP
DXWRHWKQRJUDSKLF PHWKRGRORJLHV RU WR LQJ GLJLWDO YLGHRWDSH DQG GLJLWDO QRQOLQHDU SOH[VHULDOGUDPDVSDUWO\LQUHVSRQVHWRGDWD
GLVFRXQWWKHPDQ\LQVLJKWVWKDWZHJDLQ HGLWLQJ WKDWVKRZHGWKDWWKLVIRUPDWDWWUDFWHGGHVLU
ZKHQZHZULWHRQSXEOLFVRIZKLFKZH 7KHLPSDFWRIWKH'9'RQWKH86WHOH DEOHGHPRJUDSKLFVLQFOXGLQJHDUO\DGRSWHUV
RXUVHOYHVDUHPHPEHUV,ZRXOGVXJJHVW YLVLRQLQGXVWU\LVXQPLVWDNDEOHE\WKHHDUO\ DQG SHUIRUPHG VWURQJO\ LQ WKH '9' DIWHU
VWKHUHYHQXHVJHQHUDWHGE\'9'VDOHV PDUNHW ([DPSOHV LQFOXGH 7KH 1LQH $%&
WKDWZHKDYHDOUHDG\ZULWWHQHQRXJKRQ
DQGUHQWDOVKDGEHJXQWRDOWHUWKHZD\WHOHYL ±  'D\EUHDN $%&   DQG 6L[
ZKDW WHOHYLVLRQ VWXGLHV VFKRODUV ZDWFK VLRQSURJUDPVZHUHILQDQFHGSURGXFHGDQG 'HJUHHV $%& ±  $OWKRXJK PDQ\
DQG WKH PHGLD SODWIRUPV WKDW ZH XVH SURPRWHGZLWKVWXGLRVFRPLQJWRUHO\RQWKH RI WKHVH VHULHV ZHUH TXLFNO\ FDQFHOOHG WKH
/HWXVQRZEHJLQWRUHGLVFRYHUWKHKHW ERRPLQJ DIWHUPDUNHW IRU FRPSOHWHVHDVRQ FRQWLQXHG H[LVWHQFH RI D SURJUDP OLNH WKH
HURJHQHLW\WKDWH[LVWVRXWVLGHWKHQDUURZ '9' ER[ VHWV WR RIIVHW VSLUDOLQJ SURGXF 1%& GUDPD +HURHV ±  ZKLFK KDV
WLRQFRVWVDQGFRQWUDFWLQJQHWZRUNOLFHQVLQJ VWHDGLO\GURSSHGLQWKH1LHOVHQUDWLQJVZKLOH
LQWHUSUHWLYH RU WHFKQRORJLFDO SXEOLFV WR
IHHV '9' LQVSLUHG QHZ ZD\V RI ZDWFKLQJ FRQVLVWHQWO\ UDQNLQJ DPRQJ WHOHYLVLRQ¶V
ZKLFKZHEHORQJ(YHQLIZHFDQGUDJ WHOHYLVLRQDVZHOODVYLHZHUVGLVFRYHUHGWKH PRVW GRZQORDGHG VWUHDPHG WLPHVKLIWHG
RXUVHOYHV RYHU WKHVH PHWKRGRORJLFDO GLVWLQFWLYHSOHDVXUHVWREHKDGIURPZDWFK DQGSLUDWHGSURJUDPVDWWHVWVWRPHGLDRUJD
KXUGOHVWKHUHZLOOUHPDLQPDQ\GLIILFXOW LQJ DQ HQWLUH VHDVRQ RI D SURJUDP RQ WKHLU QL]DWLRQV¶RYHUYDOXDWLRQRIWKHGDWDWKHHDUO\
TXHVWLRQVWKDWWKLVZRUNZLOOQHHGWRDG RZQWLPHWDEOHVDQGZLWKRXWFRPPHUFLDOLQ DGRSWHUV RI WKHVH SODWIRUPV SURGXFH DERXW
WHUUXSWLRQV 3HUKDSV PRVW LPSRUWDQW RI DOO WKHPVHOYHV
GUHVV+RZZLOOZHDFFRXQWIRUSHRSOH¶V
'9' UHOHDVHV RI WHOHYLVLRQ SURJUDPV RSHQ ,ZRXOGEHWKHILUVWWRDGPLWWKDWP\
DPELYDOHQFH UHOXFWDQFH KHVLWDWLRQ RU WKH GRRU WR GLJLWDO GRZQORDGV DQG VWUHDP RZQ ZRUN KDV FRQWULEXWHG LQ LWV RZQ VPDOO
IUXVWUDWLRQZLWKRXWIDOOLQJLQWRWKHWUDS LQJ E\ SURYLGLQJ D SUHFHGHQW WKDW QHWZRUNV ZD\ WR WKLV GHILFLW )RU LQVWDQFH VHH 'DZ
RIUHGXFLQJWKRVHUHVSRQVHVWRWKHVWDWXV DQGVWXGLRVFRXOGGUDZRQDVWKH\QHJRWLDWHG VRQ³/LWWOH3OD\HUV%LJ6KRZV´
RIV\PSWRPVRIVRPH³GHHSHU´SUREOHP WKHGLVWULEXWLRQRIWKHUHYHQXHVJHQHUDWHGE\
WKHVHDQFLOODU\PDUNHWV :25.6&,7('
RULQHTXDOLW\"&DQZHDWWULEXWHWRQRQ
:KLWQH\ ³+XOX¶V´ UHSRUWVRQDQHDUO\ ³$07KUHH6FUHHQ5HSRUW´7KH1LHOVHQ
DGRSWHUV QRQIDQV DQG QRQYLHZHUV WKH VWXG\ RI WKH MRLQW 1%& 8QLYHUVDO±1HZV &RPSDQ\ 0D\  :HE KWWSEORJ
VDPH DJHQF\ LQJHQXLW\ DQG UHVRXUFH &RUSRUDWLRQ :HE VLWH +XOXFRP ZKLFK QLHOVHQFRPQLHOVHQZLUHZSFRQWHQW
IXOQHVV WKDW ZH VR ZLOOLQJO\ DVFULEH WR IRXQGWKDWWKHVLWH¶VYLVLWRUVZHUHWHQ\HDUV XSORDGVQLHOVHQBWKUHHVFUHHQ
DGRSWHUV IDQV DQG YLHZHUV" &DQ ZH \RXQJHUDQGHDUQHGSHUFHQWPRUHWKDQWKH UHSRUWBJOSGI!
VHSDUDWH RXW RXU LQWHUHVW LQ SURJUHV DYHUDJH$PHULFDQWHOHYLVLRQYLHZHU $GXOWVZLWK'LJLWDO9LGHR5HFRUGHUV8SVFDOH
6HHIRULQVWDQFH7UDQVLWLRQLQ7URXEOH DQG 3ULQW2ULHQWHG 1HZ <RUN 0HGLD
VLYH SROLWLFV IURP WHOHYLVLRQ¶V P\WKRV ,QDQVXUYH\RIOLWHUDWXUHRQWKH,QWHU 0DUN5HVHDUFK,QF-XO\3ULQW
RI SHUSHWXDO WHFKQRORJLFDO SURJUHVV" QHWGLJLWDOGLYLGH:\DWWKDVQRWHGWKDWZHOO $QGUHMHYLF 0DUN ³7KH :RUN RI %HLQJ
&DQ ZH DUULYH DW D PRGHO RI WKH SUHV PHDQLQJ SROLF\PDNHUV DGYRFDF\ JURXSV :DWFKHG ,QWHUDFWLYH 0HGLD DQG WKH ([
 -3) 7²-RXUQDORI3RSXODU)LOPDQG7HOHYLVLRQ

SORLWDWLRQ RI 6HOI'LVFORVXUH´ &ULWLFDO FRPDZDLWLQJVXSHUERZO PHQXLWHPGFEDGDGIII


6WXGLHV LQ 0HGLD &RPPXQLFDWLRQ  UDWLQJV! DD"YJQH[WRLG DEFEI9
 ±3ULQW +RUULJDQ-RKQ%³+RPH%URDGEDQG$GRS JQ9&0DFDD5&5'!
%DWHV 6WHSKHQ ³'LJLWDO 'HEDFOH" /HVVRQV WLRQ ´ 3HZ ,QWHUQHW DQG $PHULFDQ 3DUNV /LVD ³*RRGE\H 5DEELW (DUV´
IURPWKH+LVWRU\RI7HFKQLFDO6WDQGDUGV´ /LIH3URMHFW:DVKLQJWRQ'&3ULQW )ORZ79 8QLYHUVLW\ RI 7H[DV DW $XVWLQ
0LQQHVRWD -RXUQDO RI /DZ 6FLHQFH DQG ³+RZ '95V $UH &KDQJLQJ WKH 7HOHYLVLRQ 'HF:HE0DUKWWS
7HFKQRORJ\  ±3ULQW /DQGVFDSH´ 1LHOVHQ :LUH 7KH 1LHOVHQ IORZWYRUJ"S !
%RGG\ :LOOLDP 1HZ 0HGLD DQG 3RSX &RPSDQ\$SU:HE0D\ 6SLJHO/\QQDQG0D['DZVRQ³7HOHYLVLRQ
ODU ,PDJLQDWLRQ 1HZ <RUN 2[IRUG 83 KWWSEORJQLHOVHQFRPQLHOVHQZLUH DQG 'LJLWDO 0HGLD´ $PHULFDQ 7KRXJKW
3ULQW PHGLDBHQWHUWDLQPHQWKRZGYUVDUH DQG&XOWXUHLQWKHVW&HQWXU\(G0DU
³&(6  &RQYHUJHQFH ,V )LQDOO\ +HUH´ FKDQJLQJWKHWHOHYLVLRQODQGVFDSH! WLQ+DOOLZHOODQG&DWKHULQH0RUOH\(GLQ
1LHOVHQ :LUH 7KH 1LHOVHQ &RPSDQ\  ,QIRUPDWLRQ 7HFKQRORJ\ $VVRFLDWLRQ RI EXUJK(GLQEXUJK833ULQW
-DQ  :HE  0D\  KWWS $PHULFD+RZ1H[W*HQHUDWLRQ1HWZRUNV 7DSVFRWW 'RQ *URZLQJ 8S 'LJLWDO 7KH
EORJQLHOVHQFRPQLHOVHQZLUHFRQVXPHU $UH 3URGXFLQJ D µ7HFKFRP¶ 5HYROXWLRQ 5LVH RI WKH 1HW *HQHUDWLRQ 1HZ <RUN
FHVFRQYHUJHQFHLVILQDOO\KHUH! $UOLQJWRQ9$$XWKRU3ULQW 0F*UDZ+LOO3ULQW
³&KDUW 3URILOH RI +LJKHVW '95 0DUNHWV .XU]3KLO³2QH7KLUGRI86+RXVHKROGV 7UDQVLWLRQ LQ 7URXEOH $FWLRQ 1HHGHG WR
$PRQJ  0HWHUHG 0DUNHWV´ 79 :HHN 2ZQ +'79V 6D\V 1LHOVHQ 5HSRUW´ (QVXUH D 6XFFHVVIXO 'LJLWDO 7HOHYLVLRQ
0D\  :HE  0D\  KWWS %URDGFDVW(QJLQHHULQJ-XQH:HE 7UDQVLWLRQ:DVKLQJWRQ'&/HDGHUVKLS
ZZZWYZHHNFRPQHZVFKDUWB KWWSEURDGFDVWHQJLQHHULQJFRPQHZV &RQIHUHQFHRQ&LYLO5LJKWVDQGWKH/HDG
SURILOHBRIBKLJKHVWBGYUBPSKS! RQHWKLUGXVKRXVHKROGVRZQKGWYV HUVKLS&RQIHUHQFHRQ&LYLO5LJKWV(GXFD
'DZVRQ 0D[ ³/LWWOH 3OD\HUV %LJ 6KRZV QLHOVHQUHSRUW! WLRQ)XQG-XO\:HE0D\
)RUPDW 1DUUDWLRQ DQG 6W\OH RQ 7HOHYL ³0DGH IRU WKH 1HW ,379 ,V 5HYYLQJ 8S´ KWWSZZZFLYLOULJKWVRUJSXEOLFDWLRQV
VLRQ¶V 1HZ 6PDOOHU 6FUHHQV´ &RQYHU /¶$WHOLHU %13 3DULEDV *URXS  -XQH UHSRUWVGWY!
JHQFH 7KH ,QWHUQDWLRQDO -RXUQDO RI 5H  :HE  0D\  KWWSZZZ :KLWQH\'DLV\³+XOX¶V'HPRJUDSKLFV$UH
VHDUFKLQWR1HZ0HGLD7HFKQRORJLHV DWHOLHUXVFRPLQWHUQHWXVDJHDUWLFOH 6ZHHW :KR .QHZ"´ 7KH $G $JH :HE
 ±3ULQW 0DGHIRUWKHQHW,379LVUHYYLQJXS! 9LGHR5HSRUW-XO\:HE0D\
²²²³795HSDLU1HZ0HGLDµ6ROXWLRQV¶ 0DJQD 2Q'HPDQG 4XDUWHUO\ 1HZ <RUN  KWWSDGDJHFRPZHEYLGHRUHSRUW
WR 2OG 0HGLD 3UREOHPV´ 'LVV 1RUWK 0DJQD,QVLJKWV$SULO3ULQW DUWLFOH"DUWLFOHBLG !
ZHVWHUQ83ULQW 0DOLN 2P ³,V 79 WKH 1HZ 3&"´ 7KH ²²²³1HZ0RYHV7DNH6KDFNOHVRIIRI
)RVW 'DQ ³,QWHUDFWLYH &RQQHFWLRQ ILQDOO\ *LJD20 1HWZRUN  0D\  0RELOH´ 7HOHYLVLRQ:HHN  'HF 
&RPLQJ7RJHWKHU´6DQ)UDQFLVFR&KURQL :HE  0D\  KWWSJLJDRP 3ULQW
FOH-DQ:HE0D\KWWS FRPLVWYWKHQHZSF! :\DWW 6DOO\ ³1RQ8VHUV DOVR 0DWWHU 7KH
ZZZVIJDWHFRPFJLELQDUWLFOHFJL"I 0DQHV6WHSKHQ³6FUHHQ7HVW7HOHYLVLRQRQ &RQVWUXFWLRQ RI 8VHUV DQG 1RQ8VHUV RI
)F)D))) <RXU 3&´ 7KH 1HZ <RUN 7LPHV  0DU WKH,QWHUQHW´+RZ8VHUV0DWWHU7KH&R
)01*'/1+-9)'7/ KZ GDQIRVW &3ULQW &RQVWUXFWLRQ RI 8VHUV DQG 7HFKQRORJ\
VQ  VF ! ³1LHOVHQ 6D\V 9LGHR *DPH 3HQHWUDWLRQ LQ (G 1HOO\ 2XGVKRRUQ DQG 7UHYRU 3LQFK
*RUPDQ %LOO ³$PHULFDQ ,GRO 'DQFLQJ 86 79 +RXVHKROGV *UHZ  GXULQJ &DPEULGJH0,73UHVV3ULQW
ZLWK WKH 6WDUV 7RS $YHUDJH 9LHZHUVKLS WKH 3DVW 7ZR <HDUV´ 7KH 1LHOVHQ &RP
IRU  6HDVRQ´ 79 E\ WKH 1XPEHUV SDQ\0DUFK:HE0D\
0D\:HE0D\KWWS KWWSZZZQLHOVHQPHGLDFRPQFSRUWDO 0D['DZVRQLVDQDVVLVWDQWSURIHVVRULQWKH
WYE\WKHQXPEHUVFRP VLWH3XEOLFPHQXLWHPGFEDGDGII 'HSDUWPHQWRI5DGLR7HOHYLVLRQDQG)LOPDW
1RUWKZHVWHUQ 8QLYHUVLW\ +H KDV SXEOLVKHG
DPHULFDQLGROGDQFLQJZLWKWKHVWDUV IDD"YJQH[WRLG D
DUWLFOHVRQWHOHYLVLRQDQGQHZPHGLDLQ7HFK
WRSDYHUDJHYLHZHUVKLSIRU DF9JQ9&0DFDD5
QRORJ\ DQG &XOWXUH DQG &RQYHUJHQFH DQG
VHDVRQ! &5'!
KDV FRQWULEXWHG FKDSWHUV WR WKH DQWKRORJLHV
²²² ³6XSHU %RZO ;/,,, 'UDZV ³1LHOVHQ6WXG\6KRZV'9'3OD\HUV6XUSDVV $PHULFDQ 7KRXJKW DQG &XOWXUH LQ WKH VW
 0LOOLRQ 9LHZHUV  6XSHU %RZO 9&5V´ 7KH 1LHOVHQ &RPSDQ\  'HF &HQWXU\ (GLQEXUJK 83   DQG 7HOHYL
(YHU´ 79 E\ WKH 1XPEHUV  )HE   :HE  0D\  KWWSZZZ VLRQDV'LJLWDO0HGLD 'XNH83 
:HE0D\KWWSWYE\WKHQXPEHUV QLHOVHQPHGLDFRPQFSRUWDOVLWH3XEOLF

You might also like