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Media Economics

Media Economics. The Global Marketplace. The beginnings of Mass Media. Urbanization Mass Production Industrialization Education & Literacy. Free Market v. Government Controls. Monopoly Oligopoly Limited Competition. Monopoly. No competition AT&T up through the 1980s Microsoft?.

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Media Economics

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  1. Media Economics The Global Marketplace

  2. The beginnings of Mass Media • Urbanization • Mass Production Industrialization • Education & Literacy

  3. Free Market v. Government Controls • Monopoly • Oligopoly • Limited Competition

  4. Monopoly • No competition • AT&T up through the 1980s • Microsoft?

  5. Oligopoly • Limited competition • Feature films • Commercial Recording

  6. Limited Competition • “Many producers and sellers but only a few differentiable products within a particular category.” • Radio Broadcasting

  7. Media Specialization • Audience Fragmentation • Increased emphasis on audience and market research • The business of broadcasting: Selling audiences to advertisers.

  8. Collecting the Revenues • Direct Payment: Books, Cable Television, CDs, etc. • Indirect Payment (Advertiser Supported): Television, Radio, Daily Newspapers, Consumer Magazines

  9. The Shift to Information Economy • More than 50% of the U.S. economy based on creation, packaging and selling information, than on manufacturing.

  10. Economies of Scale • Higher production output lowers cost. • Except where oligopolies keep prices artificially inflated. • In general, economies of scale allow the U.S. to dominate the world’s media marketplace.

  11. De-Regulation • Preceded by “RE-regulation.” • Brought about by cuts in government spending in the late 1970s. • The Free Market philosophy. • Technological Darwinism.

  12. Free Market and Technological Diffusion • The consumer will determine the better mousetrap. • The government will not impose a standard. • The result is the “DCC,” the “Betamax,” etc. • Often this is the technology we export to the “have-nots.”

  13. Two views of media consolidation • Proliferation versus diversity. • The same dichotomy extends to views of globalization. • “Our economy suffers from job loss, but we want to buy $25 DVD players.”

  14. Synergy • Cross-promotions. (e.g. Disney) • Seagrams promotes concerts for artists on Universal labels. • Product placement in television, films, video games, sports events.

  15. What happens when the product is “news?” • Viewing news as a commodity • Defining news • Packaging news • Selling news

  16. Cultural Imperialism • Viewed as the “imposition” of American culture and values on other (developing) nations. • Global Village or Cultural Homogenization? • Hegemony.

  17. Capitalism vDemocracy • Are they the same? • What are the similarities? Differences? • Criticisms of capitalism.

  18. http://www.cjr.org/tools/owners/ http://www.consumersunion.org

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