In today’s technologically savvy world, the role of the media consumer is evolving. The availability, mobility, and practicality of media convergence have enabled infinite possibilities in consuming media. No longer is it realistic for the media industry to deliver content through one medium and expect mass audiences to passively consume it. Instead, media executives must cater to a different kind of audience, one that has fragmented into millions of smaller interest communities and one that will not be satisfied in merely consuming, but also producing, sharing, and interacting as well. According to media scholar Henry Jenkins in the MIT Technology Review, “younger consumers have become information hunters and gatherers, taking pleasure in tracking down character backgrounds and plot points and making connections between different texts within the same franchise.” However, despite the strong economic incentives to embrace this “consumer 2.0,” many media companies remain hesitant to launch franchises reliant on transmedia storytelling. Certainly, the lack of a consistent and dependable business model makes constructing and executing a multiplatform story risky. But as long as media companies cling to old production and distribution practices, they will never reap the benefits from delivering more complex, interconnected narratives across multiple media to consumers who demand more involved, engaging experiences.
In this paper, I begin by explaining why the television and film businesses need to transform their business model to adapt new technologies and new consumers. I then argue that transmedia storytelling, when done correctly, successfully fulfills this need and promises many economic advantages. However, while a transmedia story franchise has potential to be highly lucrative, I recognize there are economic and creative challenges that remain problematic. I conclude by exploring what the entertainment industry can do to overcome these obstacles and benefit from everything that transmedia storytelling has to offer.