Media as a Business

 Media as a Business

 

Media Buying Habits

My family consumes lots of tv. Compared to 5 yers ago, we have spent more money than we thought. We pay for Netflix, Hulu, Disney Plus, and more. We used to have only cable but now we have an antenna plus the subscriptions. I consume a lot more media on different platforms including now with my new iPad.

 

Media and Business

·      A significant part of Media Studies is understanding the media as a business

·      Media industries are groups of organizations producing physical good (DVD’s and video games) and live experiences (film screening)

·      Media industries interact with media users, critics, commentators, regulators, and governments

·      List of former media giants that have forever been negatively affected by the ever-changing media platforms:

o   Blockbuster – bankrupt

o   Redbox – almost bankrupt

o   AMC Theaters – the private investors that took on Wall Street recently helped AMC. About to go bankrupt

o   MySpace – Ha! Where is Tom?

·      List of media giants that have forever been positively affected by the ever-changing media platforms:

o   Netflix

o   Newspaper

o   PlayStation (Sony), Xbox (Microsoft)

Stop and Reflect

1.        Some businesses have been shut down, slowed down production, or even gone bankrupt, but other platforms and businesses such as TikTok and Among us were positively affected by Covid. People consumed more of these media platforms for entertainment while being in quarantine, causing them to become more popular and made an increasing amount of profit.

2.        You can watch YouTube and Netflix on a PlayStation. You can watch CNN or see Netflix commercials on Facebook. They all work together for business and keep themselves relevant and popular.

 

Media Conglomerate

·      A media conglomerate, media group, or media institution is a company that owns numerous companies involved in mass media enterprises, such as television, radio, publishing, motion pictures, theme parks, or the internet

o   Walt Disney is connected to Hulu, abc, etc

o   Hulu is connected to 21 venture Fox

Amazon is connected to twitch, Alexa, etc

 



·      Operate across national boundaries

·      Operate across media sectors and other industrial sectors (telecommunications)

·      Owned by shareholders and managed by a managerial business class (corporate Fat Cats)

·      Have headquarters in the US, Europe, or Japan

·      Media business decisions are based purely on short and long-term profitability

·      Considerations about “art” or “creativity” are secondary, at best

Media Conglomerates and Synergy

·      Hollywood cinema industries slumped in 1970s, but revived in the 1980s due to…

o   Rental and retail sales of films on VHS

o   Cable television

o   Video games and used videos

·      Thus, the possibility of synergies between different conglomerate divisions became apparent

·      Synergy: concept that extra value could emerge from using the effort put into one product in the production and promotion of another

·      Example: A media conglomerate working with an author in a publishing division might also consider film, television, and game adaptions in other divisions of the same company


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