Expertly synthesizes economic theory and contemporary cases to both explain the structure of the contemporary media industry and shed insight on the significant challenges and controversies confronting the sector.- Lucy Kng, Oxford University and Jonkoping UniversityA wide-ranging, accessible introduction to media economics and their application to a broad range of media topics from advertising and business models to copyright, audience demand and public policy.- Chris Bilton, University of WarwickAn excellent textbook on media economics, which takes into account the full complexity of the subject matter in the context of structural, technological and creative transformations that characterise digital media.- Milan Todorovic, London Metropolitan UniversityWith the rapidly evolving digital media landscape, this second and completely revised edition of Understanding Media Economics moves beyond a sector-specific approach to media analysis, and instead focuses on the issues and imperatives that are now central to how economic forces impact on the media industries.Exploring themes such as innovation, digital multi-platform developments, the emerging importance of networks, branding and segmentation of market demand, strategies of risk-spreading, maximizing value within content, intermediation and rights management, corporate expansion and advertising, this book addresses and explains the key pressing questions and issues that are transforming contemporary media industries and markets.Gillian Doyle makes the economics of the media fascinating, compelling and easy to understand. This is essential reading for students of media economics, media management, media policy and courses across the cultural and creative industries.
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
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