Reinventing and rebranding yourself

When it's old, don't be afraid to reinvent it. Just look at Simon Cowell. As American Idol got old and boring, he left and recreated it in the form of a new brand: The X Factor. We'll see how it goes for that show. Rebranding by creating a new product has worked for plenty of other companies before FOX.

Are rebranding and creating new products successful and reasonable actions? Will X Factor succeed and American Idol fail?