Understanding Media EconomicsUnderstanding Media Economics provides a clear, precise introduction to the key economic concepts and issues affecting the media.The book: explains the fundamental concepts relevant to the study of media economics; considers the key industrial questions facing the media industries today; relates economic theory to business practice; covers a wide range of media activity - advertising, television, film, print media, and new media; and looks at the impact of economics on public policy. |
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activities advantage Advertising Association advertising expenditure audiences audiovisual behaviour box-office brands BSkyB budget cent cinema circulation competition consumer surplus consumers created demand digital technology distribution distributors domestic dominant economies of scale efficiency gains Europe European example expansion exploit feature films film production Financial firm's growth Hollywood important income increased independent interactive Internet investment involved levels magazine publishing major marginal costs market failure market power market share market structure maximize media content Media Economics media firms media industry media markets media products monopoly Napster networks newspaper industry newspaper publishing newspaper titles oligopolistic oligopoly operate perfect competition pop music potential production costs profits programme-makers record companies revenues rivals scope Screen Digest segments strategies suppliers television broadcasting television channels television content television producers television production television programmes tend vertical supply chain vertically integrated viewers
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Page 11 - ... cost of the magazine in the store does not necessarily tell us anything about its consumer value. In terms of economics, production methods are said to be inefficient if it would be possible to produce more of at least one commodity — without simultaneously producing less of another — by merely reallocating resources. However, when it comes to the production of media output, this approach begins to look inadequate. For example, it might well be possible for a television company to redistribute...