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  "authorName": "Muddy Waters Capital",
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      "text": "The established media industry has only limited time to develop new business models based on radically changed media consumption.",
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      "text": "To respond to the briefly described challenge, we have built a multi-level value chain model. In a first step... In a second step... In a third step... In a fourth and fifth step...",
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      "text": "The first step in our digitalization began in the 1990s with Infoscreen... We took the second and considerably bigger step as part of out-of-home digitalization late last year...",
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      "text": "To illustrate the extent and the range of this process, we have subdivided this development into five steps. First step: consumption... Second step: comments... Third step: creating... Fourth step: connecting... Fifth and last step: fusion.",
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