Mass Communication & Media Literacy 11
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  • 1. Mass Communication & Media Literacy 11
  • 2. The business of media Do Coca Cola, Gap, HSBC produce their advertising copy directly or do they employ somebody to do it for them? Who do they employ? Who made the radio programmes and music that you listen to? Who owns the Sun, the Guardian, Le Figaro, El Pais? What kind of organisation lie behind them? How can you find out? Who paid for the music playing on the radio?
  • 3. Media in theUK: Who ownswhat?http://www.mediauk.com/tv
  • 4. And how’s itdoing?http://www.google.com/finance?q=LON%3ABSYMedia giants in the UShttp://www.pbs.org/wgbh/pages/frontline/shows/cool/giants/
  • 5. The business of media The significance of media organisations as organisations and businesses can often be seen when they themselves are the subject of news stories. http://www.google.co.uk/search?q=rupert+murdock+takeover&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-GB:official&client=firefox- a#hl=en&expIds=17259,22104,27955&xhr=t&q=news+corp+takeover+of+bskyb&cp=8&pf=p&sclient=psy&safe=off&client=firefox-a&hs=5u3&rls=org.mozilla:en- GB%3Aofficial&aq=0&aqi=&aql=&oq=news+corp+takeover&gs_rfai=&pbx=1&fp=f8d6fd944fbe01e9
  • 6. The business of media The current organisation of the media is neither obvious nor inevitable  There’s substantial variety in the nature of the organisations that produce media  It’s not always clear who made what But all media organisations are businesses involved in a commercial sphere of exchange – of income generation, of profit and loss. The economics of media applies as much to not-for profit media organisations as it does to for profit organisations We MUST think about the economic environment in which media are produced
  • 7. Studying media organisations 1. Political economy 2. Organisation approach 3. Cultural approach
  • 8. Political economy The nature of production and the conditions under which it takes place  Where does economic value lie?  Where is value generated?  How are economic markets managed  Are markets regulated?  How do the vested interests of individuals impact?
  • 9. Mosco 1996:25http://bit.ly/hE2OKQ
  • 10. Political economy What is the relationship between a range of meanings available in media and the underpinning economic interests and ownership patterns across different media spheres:  The press, Music, TV, Film, Radio, Advertising, The internet Who pays for media at the point of production? What is the primary commodity of any medium? How do consumers pay for this commodity and for the different economic activities of the media?
  • 11. Critical political economy Power How do government oversee media management and regulation? How does a capitalist economy underwrite the profit impulse of media businesses?
  • 12. Politicaleconomy: toreadLibrary copy at:http://bit.ly/h28Q5Jhttp://www.youtube.com/watch?v=OJuqoDvyXOk
  • 13. Media and the free marketFree market. (2011, January 12). In Wikipedia, The Free Encyclopedia. Retrieved 17:00, January 12, 2011, fromhttp://en.wikipedia.org/w/index.php?title=Free_market&oldid=407475375
  • 14. Media and the free market Sir Richard Bransons Virgin media empire has helped to make him Britains wealthiest television and film entrepreneur, with a fortune of £2,600m, according to The Sunday Times Rich List 2010. How does the free market explain such wealth?
  • 15. Economic value Media products differ from other products because of the combination of the way they generate revenue and in the ways they are consumed Revenue can come from:  The final consumer in the form of some kind of payment  Selling space in the artefact to advertisers
  • 16. Audiences as commodity Media do not produce ‘products’ Media produce audiences The pessimistic view – we’re included in a group whose interests we don’t share or we get nothing because we are not attractive enough to advertisers The optimistic view – we get products and experiences that are sharply targeted to our tastes and interests
  • 17. From product to brand In order to control for uncertainties in the commodity relations (risky or safe?) media use forms of branding to better predict consumer consumption. The importance of branding + synergy (from the Greek = together + work) Synergy is used by media industries to work together to generate greater audiences, publicity, sales and profits New film is released ... What happens? Who coordinates all this activity?
  • 18. Costs Traditionally, high fixed costs and low marginal costs (music studio + repeated prints) Economies of scale are vital Now ... New publishing paradigm  New production technologies  New distribution technologies
  • 19. Size and concentration Concentration  Measures the degree to which control of a particular sector of media is in the hands of the most dominant firms. It is usually measured as the percentage of the revenue received by the largest 5 or 10 firms Monopoly and Oligopoly  Monopoly describes a condition in which one company or seller has control over the entire market. An oligopoly describes a condition in which sellers are few. This results in the actions of any one of them affecting the market price as well as their competitors.
  • 20. TheCorporationOn YouTubehttp://bit.ly/ffO2Dc
  • 21. Models of distribution Vertical integration V Net Neutrality