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SOCC44 LEC 9.docx

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Ivanka Knezevic

Economics of entertainment the initial investment in creating and marketing content is high. The cost of producing media carriers of content is low. Proportion of creative and marketing spending in north american entertainment has been changing over the last 30 years why? So cost of production has been going down, and cost of marketing going up. Ownership concentraton-producers are becoming more powerful and the creative personal and becoming less creative, which means their labour conditions are getting worse (=less pay) business risk has been transfered from the big producers to the creative personel also the development of niche markets The low cost of production of media carriers enables producers to pay highly for popular (marketable) talent why do audiences support celebrity system entertainment content is conceptualized as fashion (novelty, change for the sake of change). Why? By persuading people to buy new things, they maximize their profit Audiences accept this conceptualization because they consume new things economics of entertainment and diversity of content music: ownership concentration has lead to relatively low homogenity of content because costs of recording music are low caution: increased oligopoliztion and vertical integration in production/distribution as well as hortizontal consolidation in the carrier media. (institutional regulators) now lead to homogenized content the chance that these diverse music will make it to main stream is very low because these big companies dont want to risk their money on original music where they wont knoe if audiences will be interested in (diversity is restricted) same company owns the production house, distributor, retail sales which will disregard locally produced music and will only market its main recordings to maximize profits television: vertical integration (liquidation of fin-syn rules in 1990-1995) has lead to increased homogeneity of content reasons: 1. high costs of new production (including pilots) 2. independance of tv distributors from critics (institutional regulators) film: ownership concentration has lead to homogeneity of content vertical integration: of ownership lessens dependance on cinema owners (institutional regulators) music production in north america 1945-1965 1945-1955: high concrentration of production and distribution of music (big four) the big four held between 70% and 90% of the top ten hits at any time result: high homogeneity of product covers: cootation of successful hits by other producers lyrics reflect 'conventional love cycle” abscence of overtly sexual reference and social/politcal concerns 1955-1965: the big four of the top ten hits fell to 25%, remainder was owned by successful independant recordings: R&B, soul, and rock and roll the big four did not realize the fractioning of the market, the old audiences were gone and they did not realize that they had to
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