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Understanding Media Economics
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Understanding Media Economics

Second Edition


May 2013 | 232 pages | SAGE Publications Ltd
'This book provides an extremely well written and informative introduction to the subject of media economics, characterized by clarity in the explanation of concepts or frameworks and by a balanced discussion for the respective positions in areas of debate' - Paul MacDonald, Roehampton Institute

'This book is a very valuable contribution to the media economic literature' - Richard van der Wurff, Dept of Communication, University of Amsterdam

Understanding 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.

The Second Edition of Understanding Media Economics is has been fully updated, and offers a stimulating perspective on the contemporary media environment. This book remains an essential purchase for all students of the media and mass communication.


 
Chapter 1: Introduction
What Is Media Economics about?

 
Macroeconomics and Microeconomics

 
The Firm in Economic Theory

 
Competitive Market Structures

 
Market Structure and Behaviour

 
What Is So Special About Economics of the Media?

 
Key Economic Characteristics of the Media

 
Economies of Scale

 
Economies of Scope

 
Changing Technology

 
 
Chapter 2: Convergence and Multi-Platform
The Vertical Supply Chain

 
Changing Market Structures and Boundaries

 
Digital Convergence

 
Technological Change, Innovation and Creative Destruction

 
Multi-Platform

 
A New Cornucopia?

 
 
Chapter 3: Corporate Growth and Concentration Strategies
Strategic Responses to Digitization

 
Managerial Theories

 
Horizontal Expansion

 
Diagonal and Conglomerate Growth

 
Vertical Expansion

 
Transnational Growth

 
 
Chapter 4: Networks
Economics of Networks

 
Broadcasting Networks

 
Global Networks in Transnational Publishing

 
Online Content Distribution

 
Social Networks and Microblogging

 
The Changing Role of Networks in Media Economics

 
 
Chapter 5: Demand: Push to Pull
Mass to Niche

 
User Empowerment

 
Segmentation and Branding

 
Audience Flow Management

 
Market Failure in Broadcasting

 
Public Service Content Provision

 
 
Chapter 6: Economics of Content Supply
Novelty and Risk Spreading

 
Portfolios

 
Repetition and Formats

 
Hollywood and Risk

 
Funding Models: Cost Plus Versus Deficit Financing

 
Windowing

 
 
Chapter 7: Copyright
The Economic Origins of Copyright

 
Copyright and Welfare Losses

 
Digitisation and Enforcement

 
Globalisation

 
Territoriality and Free Trade Areas

 
Commercial Models Other Than Copyright

 
Non-Market Alternative Means of Incentivising Creativity

 
Adjusting Copyright to the 'Open' Internet

 
 
Chapter 8: Media and Advertising
The Advertising Industry

 
Why Does Advertising Take place?

 
Are Firms in Control of Their Own Markets?

 
Informative Versus Persuasive Advertising

 
Advertising as a Barrier to Market Entry

 
Advertising and the Performance of the Economy

 
The Rise of Internet Advertising

 
The Firm's Advertising Decision

 
 
Chapter 9: Digital Media Economics and Public Policy
Free Market Versus Intervention

 
Support Measures for Media Content

 
Protectionism

 
Concentrated Media Ownership

 
Promoting Competition

 
Monopolies and Technological Change

 
Maximising Efficiency

 
PSBs and State Aid Rules

 

The first edition of this book was extremely influential and helpful for me as a student, the new addition will now become equally essential for my students. I have already aquired two personal copies.

Dr Todd Nesbitt
Department of Communication, New York University in Prague
July 10, 2013
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