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Intro to Media: Module 2 Presentation
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Hello class. For this week's module, we
will focus on media economics and the
global marketplace. And as you may know,
media economics today is a complex and
dynamic field that's heavily influenced
by various factors that we will go over
in this presentation. So let's jump
right into it.
In this chapter, we will take a look at
media economics today. How we got here
based on the rise of global
conglomerates, business trends in
today's media industries, social and
political issues in media economics, uh
the media marketplace and democracy, and
media literacy in action. All of these
topics we will go over will show us how
economics directs how media companies
move. And we still see this in media
today. Uh for example, many media
companies are now releasing their latest
movies in theaters only or through
streaming services or in both the
theaters uh and on streaming services.
This is showing us how economics is
making the media industry rethink the
way they release or distribute their products.
products.
So let's begin by discussing the
emergence of the new media landscape.
The textbook says that the internet is
reshaping media once again, but this
time through streaming services. As I
just mentioned, there is an emergence
between large businesses and
internet-based platforms such as social
media and Amazon, which have profoundly
reshaped the contemporary business
landscape. Both of these platforms have
not only revolutionized the way uh
consumers access products and
information but have also become
formidable uh marketplaces uh themselves.
themselves.
We see how social media platforms have
leveraged userenerated content and data
to create highly targeted advertising
ecosystems allowing businesses to reach
their desired audiences. And then Amazon
on the other hand has transformed
e-commerce into a global phenomenon
offering various products, services and
digital content. This convergence of
established businesses and digital
platforms has not only fueled innovation
and competition, but also raised
important questions about data privacy,
market dominance, and regulatory
oversight, underscoring the complex
interplay between traditional commerce
and the digital economy.
As we move on in this section, we see
that media markets can be categorized
into monopoly, igopoly, and limited
competition. And if you turn to page
370, you'll see a detailed outline
explaining these three structures. It
breaks down how monopoly is the
exclusive possession or control of the
supply of or trade in a commodity or
service. Aligopoly is a state of limited
competition in which a marketplace is
shared by a small number of producers or
sellers. And limited competition, also
known as a monopolistic competition,
categorizes a media market with many
producers and sellers, but only a few
differentiable products within a
particular category. So, how did we get
to where we are today with the rise of
global conglomerates? Well,
conglomerates plays a significant role
in media economics.
What are they? You know, how do they
function? Um, so if you look in the
textbook, it dives more into the meaning
of what a conglomerate is, which is
basically the combination of two or more
business entities engaged in either
entirely different or similar businesses
that fall under one corporate group,
usually involving a parent company and
many subsidiaries.
Based on the text in the book, the power
of conglomerates and the the growth of
it has been enabled by the following
three factors. Shifting regulations, globalization,
globalization,
and the internet.
As we dive into the changing role of
regulation, we have to include the shift
towards deregulation and embracing
regulations that boost profits. While
deregulation has been a prominent trend
in some sectors aimed at reducing
government intervention and fostering
market competition in certain cases,
there has been a notable shift towards
embracing regulation strategically to
boost profits. Deregulation has often
been championed as a means to stimulate
innovation, reduce operational costs,
and increase consumer choice. However,
in response to concerns about corporate
behavior, environmental sustainability,
and consumer protection, many businesses
have recognized that well-crafted
regulations can actually enhance the
reputation, build trust with consu uh
their customers, and even create new
market opportunities.
Consequently, a nuanced approach uh to
regulation is emerging where companies
are increasingly viewing compliance not
as a burden but as a tool to navigate
complex ethical and environmental
challenges while simultaneously driving
financial success. This changing
landscape reflects the evolving dynamics
between government oversight and the
corporate world's pursuit of both profit
and social responsibility.
Globalization has profoundly expanded
media markets by breaking down
geographical barriers and creating a
vast interconnected network of
information and entertainment. Now with
digital technology and the internet,
media content can now spread globally,
reaching audiences throughout the world.
This global reach has transformed media
industries allowing for the
international distribution of films, TV
shows, music, news, and digital content.
Globalization has facilitated
cross-cultural exchanges, enabling
people to consume media from different
cultures and regions, leading to a
richer and more diverse global media landscape.
landscape.
Media companies in turn have seized the
opportunities presented by globalization
to tap into new markets, expand their
audiences, and diversify their revenue
streams. However, this global expansion
also raises challenges, including
cultural sensitivity, language barriers,
and the need for adaptable content
strategies to cater to diverse
audiences. In essence, globalization has
not only made the world a smaller place,
but has also profoundly transformed the
way we create, consume, and engage with media.
media.
The internet and digital convergence
represents a pivotal shift in the media
landscape where various forms of media
such as television, radio, and print
converge onto digital platforms. With
this convergence comes content creating
and now individuals and organizations
are allowed to reach global audiences
without traditional gatekeepers.
It has accelerated the decline or
traditional media models while ushering
in a new era of ondemand personalized
and interactive media consumption.
In figure 13.3 on page 376, it shows a
graphic that explains the rise of the
new digital media. In 1975, you'll see
that that was when Microsoft was
established and it was known for its
search and game console at the time. In
1976, there was Apple uh with its
technology and infrastructure.
Then Amazon came onto the scene in 1995
with its e-commerce.
In 1998, there was Google that was known
for its search and advertising. And in
2004, Facebook was established and it
was known for its communication tool and
social media. And then Netflix arrived
in 1997, starting out as a DVD by mail
service. and then it began its streaming
services in 2007 which expanded on their
internet video and original programming.
Media consolidation often characterized
by the merging of large media
conglomerates or companies has become a
prominent trend in the industry. This
phenomenon results in fewer entities
controlling a substantial share of media
outlets which can have significant
implications for diversity of voices and
perspectives. The textbook gives
examples of this by looking at, for
example, the acquisition of Time Warner
by AT&T, resulting in the formation of
Warner Media, which controls a vast
array of content, including HBO, CNN,
and Warner Brothers. Another example can
include the merger of Disney and 21st
Century Fox in 2019, which formed one of
the world's largest media conglomerates,
granting Disney ownership of major film
studios, television networks, and
streaming services. While these
consolidations have created large
conglomerates which have allowed them to
expand their products and services, they
have also raised concerns about the
concentration of media power and its
potential impact on content choices,
pricing, and market competition. Now,
let's explore the business trends in
today's media industries. Making money
from media products is a multifaceted
endeavor that encompasses various
revenue streams. Media companies
traditionally rely on advertising as a
significant source of income where they
sell ad space or airtime like on TV to
businesses seeking to promote their
products or services. Additionally,
subscription models both in print and
digital media generate revenue by
offering exclusive content to paying
customers. In recent years, the digital
age has expanded monetization
opportunities with platforms like
YouTube and social media, enabling
content creators to earn income through
ads, sponsorships, and merchandise
sales. Moreover, the licensing and
syndication of media content such as
films, TV shows, and music to
international markets further
contributes to a financial gain. The
rise of specialization has become a
defining feature of the media industry.
Media companies and creators are
increasingly focusing on niche audiences
and specialized content to stand out in
a crowded marketplace. This approach
allows them to build dedicated and loyal
fan bases which can be monetized through
subscription models, merchandise sales,
and targeted advertising. For example,
specialized streaming platforms may
cater to one specific audience, while
podcasters create content tailored to
specific interests, attracting
advertisers looking to reach a niche
audience. This shift towards
specialization not only enhances a
financial gain but also reflects the
evolving preferences of today's diverse
and segmented media consumers. So moving
along we focus on horizontal integration
and synergies uh which are strategies
employed by media conglomerates to
expand their reach and profitability.
Horizontal integration involves
acquiring or merging with companies
operating in the same industry or media
sector. This allows conglomerates to
control a broader spectrum of content
and distribution channels, reducing
competition and increasing market share.
Synergy comes into play when these
integrated entities collaborate to
leverage each other's strengths such as
cross-promoting content or sharing
resources. An example of this is
Comcast's acquisition of NBC Universal,
giving it control over both content
production and distribution through
cable and broadcast networks. The
resulting synergy allows Comcast to
maximize the profitability of its media
assets by offering bundled services to consumers.
consumers.
Vertical integration on the other hand
involves acquiring companies within the
supply chain of media production. So
media conglomerates may acquire or
invest in companies responsible for
content creation, distribution, and even
marketing and advertising. This vertical
integration enables greater control over
the entire media production process from
content creation to its delivery to its
consumers. For instance, Disney's
acquisition of Pixar animation studios
allowed it to vertically integrate
highquality animation content into its
media empire. From feature films to
theme park attractions, creating a
seamless and profitable ecosystem.
Vertical integration can in enhance cost
efficiency and profitability by reducing
external dependencies and streamlining
operations within the media conglomerate.
conglomerate.
So let's look at Disney. Disney is an
example of a 21st century media
conglomerate that uses horizontal and
vertical integration and synergy. And by
reading this chapter, you'll get to see
that if you look at their timeline um
that goes through Disney's early years
all the way up into what we know of it
today. Uh you'll see that in 1953, for
example, Disney started a distribution
company called Buenav Vista. Then after
the passing of the owner, Walt Disney, a
new leader came onto the scene and
reshaped the brand of Disney to open its
first store in 1987 to sell videotapes
and merchandise of its movies and its
characters. This was the time that
Disney expanded into vertical
integration. And by 1995, Disney bought
the ABC television network, which then
added companies like ESPN to its
corporate holdings. In 2001, Disney
bought Fox Family Network and re renamed
it ABC Family. In 2006, Disney acquired
top animation studio Pixar, like I
mentioned before, which created movies
like Toy Story, The Incredibles, uh,
Monsters, Inc., and Toy Story 2. In
2009, the studio bought Marvel
Entertainment, which is of course famous
for their comic book heroes and film
franchises. And in 2012, Disney bought
Lucas Film. And with it, they have the
rights to Star Wars and Indiana Jones
movies and characters.
Conflicts over conglomeration in the
media industry have become increasingly
prevalent as the consolidation of media
entities often results uh in heightened
corporate pressures and market dominance
concerns. Large media conglomerates with
their extensive holdings across various
media sectors can exert significant
influence over content produ content
production distribution and advertising.
This influence can lead to conflicts of
interest where corporate priorities,
profitdriven decisions, and editorial
independence collide. Journalistic
integrity and the diversity of voices
within the media landscape may be
compromised as conglomerates strive to
protect their financial interests.
In response to these concerns, the
application of antirust laws today plays
a crucial role in addressing potential
monopolistic behavior within the media
industry. Antirust regulations aim to
promote competition and prevent undue
market power concentration.
Media mergers and acquisitions are
scrutinized by regulatory bodies to
assess their impact on market
competition, consumer choice, and
content diversity. When media
conglomerates exceed certain ownership
limits or engage in anti-competitive
practices, antirust laws may be enforced
to curtail their influence and ensure a
fair and competitive media marketplace.
These legal measures are essential for
upholding the principles of democratic
and diverse media ecosystems while
mitigating conflicts arising from conglomeration.
conglomeration.
Employment issues at media companies
have evolved over time as well,
witnessing a decline in workers who
belong to labor unions. As media
industries have undergone significant
transformations, traditional job
structures and employment practices have
shifted. The decline in union membership
within the media sector has implications
for worker rights and collective
bargaining power. These changes have
prompted shifts in regulations uh
impacting the social and political
landscape in the United States.
Regulatory adjustments have reflected
the evolving nature of work in the
digital age, addressing issues such as
freelance labor rights, intellectual
property, and employee classification in
the gig economy. Consequently, these
regulatory shifts have altered the
social and political life of the United
States, sparking debates about worker
protections, income inequality, and the
gig economy's broader impact on job
stability and economic security.
The belief in the free market is a
foundational concept in economic and
political thought that is often
intertwined with the notion of democracy.
democracy.
Advocates of free markets argue that
they are not only efficient at
allocating resources but also essential
for promoting democratic values. They
assert that a free market economy where
competition is the driving force fosters
individual freedom and limits government interference.
interference.
However, the belief in free markets can
be a double-edged sword. While they
emphasize consumer choice as a
cornerstone of economic freedom, the
extent of consumer control within such
markets can be limited. Powerful
corporations may dominate markets,
reducing the influence of individual
consumers and raising concerns about
corporate influence over government policy.
policy.
Moreover, the belief in the free market
is not merely an economic stance. It
carries ideological and hgeaminic
implications. The media plays a
significant role in shaping and
perpetuating these beliefs. Media
stories often frame free markets as
synonymous with democracy, reinforcing
the idea that market forces are a
reflection of individual liberty and
choice. This narrative can overshadow
critical discussions about wealth,
inequality, corporate power, and social
welfare. It underscores how media
stories and narratives can reinforce
dominant ideologies and contribute to
hijgemony of certain economic beliefs.
Recognizing this complex relationship
between belief in the free market, media
representation, and democratic ideals is
essential for a nuanced understanding of
contemporary economic and political discourse.
discourse.
Cultural politics and global media are
intricately connected with the influence
of media, often reflecting power
dynamics on a global scale. American
cultural imperialism, a term frequently
used to describe the dominance of
American culture and values in global
media, illustrates this phenomenon.
Through Hollywood films, American music
and TV, the United States has wielded
significant soft power shaping the
preferences and identities of audiences
worldwide. However, the impact of global
media is not unidirectional as local
cultures and resistance movements often
complicate this cultural influence. Many
nations actively seek to protect and
promote their own cultural identities in
the face of this perceived westernization.
westernization.
In essence, the interplay between
cultural politics and global media is a
complex negotiation of power, identity,
and cultural expression with both global
and local forces competing for influence
in a rapidly evolving media landscape.
Media consolidation has significant
effects on democracy, often raising
concerns about its impact on the free
flow of information, diversity of
voices, and the democratic process
itself. When a small number of large
media conglomerates control a
substantial portion of the media
landscape, there is a risk of limited
perspectives and potential biases in
reporting. This can limit the public's
access to a wide range of viewpoints and
reduce the quality of informed
discourse, which is crucial for a
healthy democracy. Furthermore, media
consolidation can lead to the
prioritization of profit over public
interest, potentially influencing the
content and framing of news stories. In
response to these concerns, the media
reform movement has gained momentum.
This movement advocates for policies and
regulations aimed at promoting
diversity, competition, and
accountability within the media
industry. Media reform advocates argue
for measures to curb excessive
consolidation such as a stricter
ownership limit and antirust
enforcement. They also pushed for the
protection of net neutrality to ensure
equal access to information and uh
prevent internet service providers from
controlling content delivery.
Additionally, reform efforts often
emphasize the importance of public media
and nonprofit journalism as alternative
sources of news and information. The
ultimate goal of the media reform
movement is to safeguard the principles
of a free press, a diverse media
landscape, and a robust democracy by
challenging the negative effects of
As I end this presentation, I want you
to think about the ways that you see the
media today in this digital world in
this way that it is an everchanging
uh shift in media whether it is this
traditional format that is now on the
digital platforms or now that we have
these digital platforms and we're in
this digital era. Where do you see the
media going? Um what new uh shifts are
we going to go through? Uh how are we
going to continue to reshape media? It's
a little scary to some people to think
about what's next after uh this digital
era. Um but I honestly think that we're
going to continue to stay within
technology um with of course new
advancements. Um, so definitely read
chapter 13 and do the module for this
week with your class participation. And
don't forget to take your quiz that is
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