MDSA01H3 Lecture Notes - Lecture 10: Profit Motive, Alternative Media, Vertical Integration
Document Summary
Particularities of media economics: five categories of resources: Time: investment of time to create media content. Labour: number of people and the need for specialized skills. Capital: investments with the expectation of returns. Material resources: the need for material resources links media economy to other industries. Technology: equipment and the specific software applications required by media organizations: two aspects of economic markets: The boundaries within which this offer takes place: media markets serve two markets at the same time: Satisfying needs and wants: western democracies value freedom of the individual and freedom of the market. It is increasingly difficult for governments to control cultural production in a globalizing world: private corporate ownership. Free markets self-regulate through rates of supply and demand. In contemporary economies, corporate monopolies dominate the market and squeeze out smaller players. Governments also intervene in economic processes: economism. Is supporting fringe cultural interests subsidizing the tastes of the elite: market externalities.
