Media Economics Theory and Practice
Edited by Alison Alexander, James Owers, Rod Carveth, C. Ann Hollifield, Albert N. Greco
What Is Media Economics?
The field of media economics is often seen as a subspecialty of both media and economics. However, as events over the past two decades have indicated, media economics has become an identifiable new field of study and practice. It combines principles of both the study of media and communications with the examination of economic principles and their application in managing firms in the sector.
The study of media and communications concerns itself with issues of freedom of speech, access to the media, the social impact of media content, and the effects of new communication technology. All these areas involve a discussion of economic principles to some degree. The introduction of TiVo technology provides a classic example of the interaction between media and economics attributes of an activity.
From media and communication perspectives TiVo technology provides the powerful potential formore efficient personal viewing and content management by parents for their children. But the implication for an advertising-based medium such as TV is dramatic. TV executives are on record as noting the seismic implication for the present economic model of widespread adoption of such technologies.
In the music industry, the Napster example has clearly illustrated how media economics often plays out with guidelines from the legal establishment when conflicts arise and regulatory guidelines are silent in an area....
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