The attributes of the media product life cycles and

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ubiquity of failure, all of which are characteristic drawbacks in the world of content. The attributes of the media product life cycles and their management as collective works, in flexible organizations, are an example of the consequences derived from the special features of the media products. As an area of research, the organizational factors of the management of these products is one of a wide range of areas to study in media management. A RESEARCH CHALLENGE IN MEDIA PRODUCT MANAGEMENT In this chapter we did not try to deal with all key issues pertaining to media product management. On the contrary, we attempted to cast light on crucial issues that reflect that media product management is, on the one hand, different from management of
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9. MEDIA PRODUCT MANAGEMENT 197 other types of products, but is also similar to management of products that contrast sharply to those produced by content firms. On the basis of this idea, we looked into aspects of media products regarded as information and cultural goods. It is important to note that the contrast between news and entertainment business, printed and electronic outlets, or film-making and music recording activities, deserves more individualized and comprehensive research. The somewhat risky generic approach to media management is increasingly being called for because of the expansion of the multimedia industry, characterized by the facts that technology and formats converge, business diversification is taking gigantic leaps, and any offer can become a multiproduct, multiformat, and multimedia offering. This is an industry where a product becomes a joint multicompany project, in which diverse corporate and professional cultures, along with brands and talent endowed with a strong personality, blend together and work hand in hand today, and tomorrow they may be competing against each other. In the light of these facts, there must be ongoing research into the common managing principles of products that to some extent seek to integrate professional value, economic and commercial value, as well as societal value (political, social, and cultural) in a well-balanced way. Earlier in this chapter, when discussing the range of possible sources and research paths, we highlighted that this generic kind of approach to media product managing emphasized the need for interdisciplinary work, taking into account the role played by a variety of disciplines in the creation and commercialization of cultural or creative goods. The media represent an economic and business subsector within an extensive realm that could be defined as the symbolic economy or, as Nieto (2001) calls it, the “appearance economy” (p. 120). Yet this subsector is growing in importance day by day and shares with ones that have traditionally been considered to belong to high culture far more special properties than we can imagine.
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