• Forbes, Thursday, December 7, 2006 11:46 AM

Companies facing the prospect of seismic industry change can draw several lessons from the success of Major League Baseball. With its casual fan base diminishing and its national distribution slumping, MLB has done a phenomenal job of finding new ways to deepen its connection with its core consumers.

At a local level, teams have forged lucrative partnerships with regional cable networks (or, in some cases, created their own networks), courted corporate sponsorships, built in-stadium restaurants and luxury boxes, and launched tie-ins with local merchants.

Additionally--and in the long run, probably more importantly--MLB has created a booming Internet and interactive media venture called Major League Baseball Advanced Media (MLBAM). Estimates suggest the venture's revenues in 2005 eclipsed $250 million, with some financial analysts pegging its value at more than $2 billion.

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