SCOM 2050 Lecture 2: Thinking Critically About Mass. Media- Economics
28 Jan 2019
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Document Summary
Overall media consumption of all kinds has increased but through new mediums. Cinema: global box office revenue continues to grow, while domestic revenue is stagnant. Music industry: made 2/3 of its money from streaming in 2017, while digital and cd sales fell. American newspaper industry revenues decline 45% from 2006 to 2016. Tv: viewership of the 4 major broadcast networks declined by 50% in the last 15 years. Electronic sell-through: buying digitally-download movies (1x fee, direct purchase, declines in dvd sales and rentals have been supplemented by increased in electronic sell-through. Convergence: the erosion of traditional distinctions among media. Concentration of ownership: ownership of various media companies concentrated in fewer corporations. Conglomeration: the increase media ownership by larger, non-media companies. These two trends -> oligopoly: market dominated by a few large operators: today 6% companies own 90% of media content consumed by americans (comcast, News corp. , disney, viacom, time warner, and cbs)
