Why do media industries need to continue to update new media technologies?

Why do media industries need to continue to update new media technologies? [45marks]

New media technology is an area of extreme competition and rivalry. In order to stay on top a media needs to continually be adapting their products and improving them to grab new consumers attention and to maintain their current consumers. These days there is opportunity for allsorts of new ideas and products to find their way onto the market, including cheaper brands etc that can make a name for themselves on the web for example, It is important that the media in question , for example music takes these into account and tries to provide or match them. This can be seen with the Ipod. When first introduced it had dominance in the market and was the best now lots of other companies (Philips, sony etc) have introduced their own, very similar devices. Ipod has had to upgrade itself and become multimedia to maintain its reputation, It now plays music and movies.
The fact that Ipod has done this has almost started a trend ; everything has gone multimedia. It has many advantages, For example it has brilliant marketing potential and increases profits for both parties. Antoher example of this is with sony's new dame 3.0. The game combines gaming with the internet to create a game which can be played live, with a stranger or your friends if they own the game. It is like a chat room.
Also a product is a product, in order to continue to make money on top of the intial product you will need to make new versions, bigger, better versions that the consumers want to go out and buy. Your target being to create an irresistable new product everytim, ensuring you won't go bust. If a new product is not possible attachments and accessories are another idea.