The Characteristics of Media Goods and the Media Economics Structure

Media changes drastically over short periods of time because of digital convergence. Just in the past decades it has become much more advanced and useful for people all around the world. There has been an extreme advance in media technology, especially that used in film industry. This includes the creation of analog-to-digital converters, technology convergence, and the changes in the media industry and audiences. In this article, I will analysis how digital convergence impact on the film industry structure, forms of consumption with the innovation of revenue models and cultural production.

The mass media has become a big part of our society and its counterparts. In a time span of 50 years this medium has influenced society to an extent where it has created wonders. This immaculate tool can control almost every action we perform, from speaking to the actions that every human being performs in society. The mass media has brought upon a new era of idea's and changes in the world we live in. As we analysis media in depth we will find many aspects of media which overlap and some of the smallest factors and aspects of media, which create the biggest impact on society.

The media industry in the United States of America (US) is one such industry. As a powerful communication tool, the media has attracted many companies but only a handful has grown big. These media giants have dominated the local market and are currently seeking to conquer the global media industry in search of better profits.

The public sphere is further challenged through the development of digitalization which offers the possibilities to connect with people globally. Through media cultures become assimilated to Western standards and new global markets for commodities are created. Therefore media influence the differences of an international economic structure. Of course new inventions or further developments of a product defy previously prevailed economic

The organization and characteristics of a specific market where a company operates is referred to as market structure. While markets can basically be classified by their degree of competitiveness and pricing, there are four types of markets i.e. perfect competition, monopolistic competition, monopoly, and oligopoly. In perfect competition markets, many firms are price takers whereas monopolistic competition markets are characterized by the ability of some firms to have market power. In contrast, oligopoly markets are those in which few firms can be price makers while monopoly market is where one firm can be a price maker.

In detail this paper will show how the media played an important role in the culture today. It will answer the questions What were the major developments in the evolution of mass media in the last century? It will also ask How did each development influence American culture? And What is ment by the term media convergence and how it affected everyday life?

Over the centuries, the media has played a significant role in the shaping of societies across the globe. This is especially true of developed nations where media access is readily available to the average citizen. The media has contributed to the creation of ideologies and ideals within a society. The media has such an effect on social life, that a simple as a news story has the power to shake a nation. Because of this, governments around the world have made it their duty to be active in the regulation and control of media access in their countries. The media however, has quickly become dominated by major mega companies who own numerous television, radio and movie companies both nationally and

It is important to note the following when evaluating China’s media industry: Public service television is an essential service to the community and cohesion of democratic societies aimed at the production, publication and distribution of a set of radio and television channels airing the diverse and balanced for all audiences, covering all genres and designed to meet information needs, culture, education and entertainment of Chinese society, spread their identify and cultural diversity, promote the information society, promoting pluralism, participation and other constitutional values, ensuring access for significant social and political groups.

In the recent years, media, especially news outlets had been accused of being severely influenced by political party’s establishments due to their content. For example, in the United States, some had accused media companies of being biased towards a political party while they clearly support the other. It is a fact that this accusation, no matter how ridiculous they may sound, still holds some elements of truth in it. Since it is undeniable that the media industry is in one way or another affected by external factors, this essay will discuss the various ways of how movies and TV shows are affected by the political and economic factor. The essay focuses on movies and TV shows because they generally capture a larger scale of audience, causing

Finally the public television is used as an example to describe the peculiarities of the media and the political economy of the media.

•Oligopoly: This is an industry with very little firms in the market. If they conspire, they weaken output and raise profits the way a monopoly would and should do. For example the mobile phone industry is an oligopoly what with so many companies for example Apple, LG and Samsung all competing together. Supermarkets are oligopoly’s as they make supernormal profits as well.

The media industry is a very important aspect in the happening of an economy. It forms the major part of mass communication that reaches audiences through technological bits. It is the informant that keeps the citizens up-to-date with the daily happenings of the world in various sectors; politics, business, education, entertainment and sports. The media covers an extensive area, from the internet, press, film, radio and to the televisions. Similarly, the workforce behind the media power is extensive, from editors and columnists in press, news anchors and video editors in televisions, internet bloggers among others. The media has with time, depending on their respective nations been criticized by the society, governments and individuals on their own. Streaming information is always under the verge of positive and negative criticism; therefore, I find it vital to comprehend the experiences in the industry directly from a representative of the press sector.

The rapid enhancement of technology in the contemporary society leads the phenomenon called ‘media convergence’. This is a process that developing the interactive communication constantly across multiple media platforms around the globe. Moreover, after human beings entered the twenty-first century, along with the development of digital and network technologies, media convergence patterns have become more mature on account of three major factors – technology, economic and market (Langtry, 2012). Moreover, the technical factor mainly refers to the digital and network technologies bring the interoperability, interchangeability and connectivity of media, so that the media convergence has become a possible and an inevitable. However, Media convergence is not only a simply technological shift but also “alters the relationships between the existing technologies, industries, markets, genres and audiences” (Jenkins, 2004, p.33). Indeed, media convergence is an accommodative process for the “existing media, communication industries and cultures to adapt with new technologies” (Dwyer, 2010, p.2). Along with the technological development, which is integrating the resources of different mediums, this operation of media convergence brings both changes and challenges in the media industry (Thomas, 2011). However, advertising industry is one of the sectors of communications and cultural industry that cannot avoid media convergence. This literature review paper will analyze

Economism, or vulgar Marxism, is a key feature in explaining the media’s role according to Marx. This is also referred to as the base/superstructure model. In economism, “the economic base of society is seen as determining everything else in the superstructure, including social, political, and intellectual consciousness.” (Marxist Media Theory 1) This maintains that the media is used as the base of society. Society is referred to as the superstructure. Clearly, media shapes society even today. Since consumers rely on the media for information and entertainment, (ex. Television and radio new, magazines, newspapers, Internet), they are shaped by whatever forms of media they chose to be an audience to. The media manipulates everything from popular fashion to the food people consume.

An impressive push to extend intellectual property by the entertainment industry may result in the development of new technologies and revolution in the way people watch TV, access information at home, experience interactive TV. But at what cost?