Conceptualizing value: Media definition, dimensions and metric recommendations

Media management scholars have identified various challenges for the contemporary media industry (Siegert et al., 2015): content overload in a hyper-connected world; increasing technology-driven socioethical implications; emerging innovative, new business models; and the development of approaches for cross-media effectiveness measurement in the face of a media landscape with ever new platforms as well as unprecedented consumer power and consumer skepticism. In view of this growing market complexity and social concerns, classic economic approaches to media evaluation are no longer sufficient. What is needed is a system that considers the complex but universal perspectives of 'value creation'. With the aim of enhancing the process of media valuation, this discussion paper offers a new approach to Identify /assess the "value" of media (i.e., media platforms / outlets) with the following orientations: longshort term objective alignment, multidimensionality of value, comprehensive assessment, and consumerfirm-society triality. The propositions are developed upon analysis of relevant industry reports and academic literature. With the goal of developing conceptually sound metrics for industry adoption, this paper first offers a definition of value media rooted in both theory and practice, followed by an outline of the more granular aspects of value in a media context. Finally, a framework and potential empirical paths with sample metrics are suggested for ethical/sustainable marketing in general and for media comparison/selection in particular.