COMS 1000 Lecture Notes - Lecture 3: Sobeys, Fungibility, Spotify
20 Mar 2019
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Document Summary
Market power: a market with few (or one) powerful sellers is not a free, competitive market. Large companies can insulate themselves from consequences and change policy to distort market outcomes. Gotten worse over 30 years, due to de-regulation of media sector. Media economics: how are cultural commodities different, produced needs, relatively abstract use value. Internationalization: lots of films designed to be more popular in other global markets, international co-productions, encourage viewers from around the world, local actors, locations etc. Costs of producing media: producing media is a complex, capital-intensive activity. Page 2 of 3: development, production, marketing and distribution, overhead, financing practices vary between and within media industries. General interest magazines try to reach the largest possible audience: new strategies to compete with television, beginning 1950s. If you cannot get the biggest audience, get the most valuable one, narrow or niche audience: specialization of magazines to construct demographically purer readerships.
