Understanding Media Economics 2nd Ed.

Description: "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 Kung, Oxford University and Jonkoping University "A 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 Warwick "An 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 University With 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 all students of the media.

Review: This is an 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 at the start of the twenty-first century. Milan Todorovic London Metropolitan University

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Gillian Doyle's book provides a 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. Whilst critical of the certainties and simplifications of economists, Doyle delivers not only a lucid overview of economic concepts like merit goods, deficit financing and economies of scope, but shows how these continue to be relevant and useful for understanding how media work. The book is alert to the disruptive effects of technology, but highlights the continuities between old and new media, and between economic certainties and media complexity. Some of the chapters could work as self-contained extracts for a seminar or specialist module (each chapter helpfully includes a list of learning outcomes), but the book perhaps works better as a single narrative, with recurrent themes and motifs. What's refreshing about the book is Doyle's willingness to move beyond the boundaries of media economics and forge connections with a diversity of topics, policies, practices and debates. The book is generous with its expertise, covering the basics for a non-specialist and providing up to date insights from current research for more advanced readers, intercut with interviews and examples from the industry. Throughout the book Doyle's experience as a teacher shines through, a reminder that the virtues of good teaching - clear structure, avoiding jargon, questioning received wisdom and providing the resources for readers to form their own opinions rather than expounding one's own - can also inspire good research. Chris Bilton Centre for Cultural Policy Studies, University of Warwick

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In this accessible and thoroughly up-to-date book, Gillian Doyle 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. A hugely valuable resource. Lucy Kung Reuters Institute for the Study of Journalism, Oxford University, and Jonkoping University, Sweden
Contents: 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 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? Corporate Growth and Concentration Strategies Strategic Responses to Digitization Managerial Theories Horizontal Expansion Diagonal and Conglomerate Growth Vertical Expansion Transnational Growth 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 Demand: Push to Pull Mass to Niche User Empowerment Segmentation and Branding Audience Flow Management Market Failure in Broadcasting Public Service Content Provision Economics of Content Supply Novelty and Risk Spreading Portfolios Repetition and Formats Hollywood and Risk Funding Models: Cost Plus Versus Deficit Financing Windowing 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 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 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