Where the digital dollars have gone

Innovation comes in many forms. Popular imagination often bends toward the idea of isolated genius: Thomas Edison toiling away at Menlo Park, discovering 10,000 ways not to make a lightbulb; Steve Jobs sketching the smooth contours of the iPod. For many of today’s media leaders, innovation means looking beyond the horizons of their internal headquarters. From virtual reality to advertising technology to, yes, television for dogs, the major media players we analyzed have cast a wide net in their attempts to reach new audiences and develop groundbreaking products. The following graphics showcase the investments and acquisitions of 15 leading media companies and social networks, revealing strategies and some surprising results.