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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 l.jpg

Media Economics

The Global Marketplace


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The beginnings of Mass Media

  • Urbanization

  • Mass Production Industrialization

  • Education & Literacy


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Free Market v. Government Controls

  • Monopoly

  • Oligopoly

  • Limited Competition


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Monopoly

  • No competition

  • AT&T up through the 1980s

  • Microsoft?


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Oligopoly

  • Limited competition

  • Feature films

  • Commercial Recording


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Limited Competition

  • “Many producers and sellers but only a few differentiable products within a particular category.”

  • Radio Broadcasting


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Media Specialization

  • Audience Fragmentation

  • Increased emphasis on audience and market research

  • The business of broadcasting: Selling audiences to advertisers.


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Collecting the Revenues

  • Direct Payment: Books, Cable Television, CDs, etc.

  • Indirect Payment (Advertiser Supported): Television, Radio, Daily Newspapers, Consumer Magazines


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The Shift to Information Economy

  • More than 50% of the U.S. economy based on creation, packaging and selling information, than on manufacturing.


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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.


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De-Regulation

  • Preceded by “RE-regulation.”

  • Brought about by cuts in government spending in the late 1970s.

  • The Free Market philosophy.

  • Technological Darwinism.


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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.”


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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.”


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Synergy

  • Cross-promotions. (e.g. Disney)

  • Seagrams promotes concerts for artists on Universal labels.

  • Product placement in television, films, video games, sports events.


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What happens when the product is “news?”

  • Viewing news as a commodity

  • Defining news

  • Packaging news

  • Selling news


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Cultural Imperialism

  • Viewed as the “imposition” of American culture and values on other (developing) nations.

  • Global Village or Cultural Homogenization?

  • Hegemony.


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Capitalism vDemocracy

  • Are they the same?

  • What are the similarities? Differences?

  • Criticisms of capitalism.


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

http://www.consumersunion.org


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