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Media Commodities and Markets
Concepts, Terms, Et Ceteras
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OBEY, CONSUME
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Commodities??? Commodities: products/services sold in markets. Labor/Sale… Perceived Value=Higher Cost Marx...Value=Labor Tradeable product of human work Media Commodities: content/software/hardware.
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The Office
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Commodification??? Products, ideas, values, feelings or people are turned into commodities.
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Audience Commodity “What economic function for capital do they serve?” -Smythe (1977) Audience commodity is: the main product produced by media that earn their primary revenues from advertisers Group of people that advertisers want sell products to via ads...DEMOGRAPHIC All awake time was labor (work, audience commodity through media) Media companies cater to advertisers OR audiences (music, film, books, games)
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AC Cont'd Labor=Decision to buy
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Picard, “Unique Characteristics”
Media product vary among one another Single Creation: AUDIENCE creative/idea driven, CREATE content, marketing, high failure Manage portfolio and risk Continuous Creation: AUDIENCE COMM. Concept driven/continuity, SELECT content Improve product/manage brands
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Picard Cont'd Distribution How different: Supply Demand
Fixed cost vs. economies of scale How different: Creative work based on info/ideas Copyright Influence public policy/democracy Supply Demand
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How different? Intangible, reusable, non-consumable
Serve other industries (ads/promote) No Ads? Info on other markets Democracy Ideological role?... Reproduction? Non Rivalrous Intellectual Property Expansive commodity/Franchise
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Diversification/Synergy/Franchising
Different commodities/markets but the same…?
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Media Markets Where buyers and sellers come together to exchange media commodities. Software/Hardware Ads Geography/Product Industry? Multiple markets (Sony)
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Understanding Markets
Supply…Producers Low price=more buying Demand…Consumers Low price=more product Underlying market goal… Different Markets within ONE MEDIA Market…
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Markets In a Market?
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Albarran Dual Product Market Geographical Market defined by
Goods/Product Advertising/Access to eye and ears Geographical Market defined by Concentration of buyers/seller Product variation Barrier of entry
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Market Structures Monopoly: single seller of a product dominates the market...price setters Local Newspapers Cable Oligopoly?...interdependence. Monopolistic competition: many sellers, similar products, no perfect substitution Magazines Perfect competition: many sellers, same products, no domination. Price takers
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Why Competition is Good???
People make $$$ More choice and better products Regulate and/or lower price Consumer power Competitive markets are… Effective Democratic
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