It was an amazing weekend for the box office. Independent film Beautifully Broken exceeded the film distributor’s (ArtAffects) lifetime box office gross (including adjustments for inflation for its previous titles) in its first weekend with just under $500K as a limited release. However, the small ad budget restricting the film’s promotions and the lack of available screens for expansion in this saturated market might kill the picture’s chance to surge this weekend. In other words, this weekend might be its last in theaters.
Crazy Rich Asians was the biggest winner with a $25MM take at the box office. While most films’ ticket sales drop 35-60% during its sophomore weekend, Crazy Rich Asians fell less than 6%. This is in keeping with the new movement of audiences looking for lighter films with redemptive endings. You can read more about it in my post titled Gen Z Drives New Stories.
Filmmakers always need to be ahead of the curve to lead shifts in the marketplace, rather than try to catch up to the trends. Corporations have also been forced by the demands for innovation to be flexible and agile with every market shift. The good news is that trends are not only trackable, but they give off hints 3-5 years in advance—for the alert CEO.
In my latest talk, No Box Creativity: Building Innovative Teams, I speak to the patterns of change that every company faces. From entrepreneurial and boutique businesses to Fortune 500 companies, I share case studies of why some companies fail and others expand.
Companies like Radio Shack and RCA disappeared due to inflexibility, while Britain’s GKN, originally a coal mine, became a cutting-edge aerospace company since it launched 144 years before airplanes were invented. GKN’s flexibility allowed it to transition to iron ore and become Britain’s largest producer by 1815. Shifting again in 1864, the company produced fasteners and became the world’s largest producer by 1902. By 1990 the company sold off its fastener business and provided services to Boeing. GKN clearly knew how to think out of the box.
Earlier this year, Adobe and the Forrester Consulting group released their findings from a survey dedicated to learn more about creativity in business. Numerous Fortune 500 companies participated in the survey of which 82% of the companies saw a correlation between creativity and business success.
With innovation being a big influencer in the marketplace among startups at the turn of the century, most people weren’t overly surprised by the findings. The real surprise came further into the survey with the revelation that while companies saw the correlation, only 26% did anything about it.
The first two decades of the 21st century have started to see numerous out-of-the-box oriented companies meet their demise due to disruptive innovation brought on by competitors. Large agile companies like Lucent Technologies with 165,000 employees quickly dropped to 25,000 employees due to its improper handling of its own disruptive innovation—IP phone technology switches. Lucent was soon taken over by Alcatel, which was then absorbed by Nokia.
The business community in a short period of time shifted from a box mentality, to an out-of-the-box mentality, to a no-box mentality. Unfortunately, only an estimated 10% of the market shifted with each change and another 45% attempted to catch up. This left 45% of the businesses to waver and shrink, if not totally collapse like Radio Shack and Polaroid. The survivors that held on either purposely or accidentally stumbled upon a sustainable customer need that had not yet been disrupted.
The survey made it clear that innovation is the only thing that will save businesses in our future ever-changing, no-box marketplace. That innovation can only flourish when led by creative thinkers that understand our new intangible marketplace. Companies desiring to be leaders in this new frontier are forced to learn more about No Box Creativity to drive their innovations and catapult their disruptive market share-grabbing initiatives.
If you know of any companies looking for a guest speaker on surviving the trends using creativity to innovate, please let them know about my latest talk No Box Creativity: Building Innovative Teams.
© 2018 by CJ Powers