Here’s an innovative approach. Having trouble reaching the youth market? Well, first you could buy their eyeballs, for instance MySpace, but don’t stop there. Instead of advertising your existing products to them, why not develop an entirely new product line for your new captive audience? Highly clever and highly risky at the same time!

Fox Film Entertainment is establishing a new film studio focused on the youth market, both teenagers and young adults. (The myspace.com business and logo is owned by News Corp., as are the Fox television and film businesses.)

NY Times: Fox Film Unit to Focus on Youth by Sharon Waxman

James N. Gianopulos, co-chairman of Fox, said the division was as much about marketing as anything else. "It’s less about the nature of the film than the nature of the marketing," he said. "Youth culture is not as influenced by big mainstream TV advertising as it is by pop culture. In a highly fragmented media market, it makes a lot of sense to speak in the voice of specific target audiences."

Fox Interactive Media recently acquired Intermix Media, which operates MySpace.com, an online community that now has tens of millions of young users, for $580 million. Mr. Rice said the new division would tap into that community of users.