NEW @IIPP_UCL BLOG and a short thread on why @MazzucatoM and me think that gaining deeper understanding of the concept of “public value” at the BBC is more critical now than ever. 1/…
2/ The BBC was the first public broadcaster to bring "public value" into its governance framework in 2004. Since then the media landscape has changed beyond recognition & accounts of public value are looking a bit tired. 2021 edit = “dynamic public value”…
3/ Value can't be understood through cost benefit analysis alone. “Price = value” thinking belongs in the noughties. @OliverDowden and the public need to see the many ways that value is created at the BBC - its wider contribution to individuals, industry and society.
4/ Almost everything that the BBC does leads to spillovers across society — spillovers that are not captured in market impact assessments or cost benefit analyses. So it is important that we learn how to capture these dynamically, not just as static efficiency.
5/ ...and the BBC is very commercially successful - raising over a billion last year from licensing. But this should not make it a candidate for a spin off subscription model like Netflix. This would be confusing apples with pears — the business models are TOTALLY different.
6/ Value is not just the income generated at the end of the innovation chain–– it is also the creative input at the upstream end, the vital investment in talent, content creation, digital innovation and R&D at the early stages.
7/ This investment is not just in highly visible on-screen talent, but also in the less visible regional British production facilities, British small business suppliers and British innovation capability.
8/ @MazzucatoM and me know that this is an institution not without flaws. We are not arguing for secure funding without scrutiny and accountability. But defending the BBC's place in British society is vital. Public institutions are accountable to the public, Netflix isn't.
9/ It's a tough era in media, with rampant misinformation and messy culture wars. The BBC will inevitably sometimes fail. But understanding its wider role - as a broadcaster, but also as investor, inventor and innovator - helps us see the bigger picture.…
10/ It was a joy and a pleasure to work with the fabulous @EleonoraMazzoli @MazzucatoM Sarah Albala, @rainerkattel, @Evaknoll1 and Ade Popoola and the BBC teams on this project…. Looking forward to the ride this takes us on

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