CMI 3340 EXAM 1

Lean Media benefits and principles - Answer- benefits: early feedback, more tailored content, don't need a huge budget, principles: concentrated creativity w/ small teams, more efficient/fast, reduction of risk, media audiences love (bc of early feedback) Validated Learning - Answer- IMVU Lesson: Create hypothesis about content/audience, test hypothesis & measure result, incorporate changes based on what you learned. "Build-Measure-Learn" Product/market vs. product/solution - Answer- product/market is when you create something that people want, product/solution is when you try to fix a problem people don't have i.e. 3DTV example in class "Chubby media" - Answer- opposite of lean media, big budget, big crews, big product. Prototype - Answer- Rough cut, what you show audiences early on for feedback Minimum Viable Product "MVP" - Answer- create content that provides a sense of it's essence for a test audience. ex) beta testing, rough cuts Types of Feedback and how to maximize their impact - Answer- internal/external- people who are involved in project are internal, this feedback has a focus on creativity and drives development major/minor-major feedback from team/audience Audience/stakeholder- we want to flip the importance, audience feedback is most important to having a successful project flex / soft launch - Answer- earnings to cost ratio - Answer- should be 2:1, relationship between producers share of global profits and the projects all in cost internal greenlight - Answer- kinda a gut feeling, use the earning to cost ratio as well as other factors to determine if a project is worth "greenlighting" Participants in entertainment industry - Answer- 1. The audience 2. The distributors - studios connection to the audience 3. indie Producers - 4.Retailers & licensed media - theaters/downloads, TV syndication 5. International Territories - other rights 6. Financers - banks /studios/investors 7. Distribution subcontractors - campaign creation 8. Production talent and subcontractors 9. An