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economics - Media Economics December 2 2010 I Media as a...

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Media Economics December 2, 2010 I. Media as a Culture Industry A. Media as “Our” Culture: 1. Moral beliefs 2. Tradition 3. National identity 4. Social uplift 5. Democratic value B. Media as an Industry (in the U.S.) 1. Private: only a few people decide what our culture will be 2. For-profit: companies that run the media 3. Oligopolistic: a handful of large, privately owned companies 4. Trans-national: industries are interconnected across the world II. Common Dynamics within Culture Industries A. Defining features 1. High risk/unpredictable: hard to strike a hit and know what viewers are going to want, 80- 90% of albums, books, and TV shows fail 2. High production costs/low reproduction costs: have to pay a lot in the beginning to produce and pay everyone involved, but replicating and distributing is cheap and profitable 3. Public good: by experiencing media the value of it doesn’t go down for the next person who uses it B. Consequences/Responses 1.
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