“The Political Economy of Media” by Tanner, Ethan, Oliver and Cameron
In “The Political Economy of Media,” we focus on three main questions:
1. “What economic forces influence the media we consume?”
2. “Are the business goals of media corporations at odds with their role as important institutions
in a democracy?”
3. “Do new media represent a shift in the business models for media businesses?”
Media as an Industry
The competitions that exist in the fields of communication and media have ensured that business motives
influence how media is filtered. Consumers of media may or may not be aware of the particular political
agendas that are promoted through a variety of media sources.
The Political Economy Perspective
The corporate ownership of media is not conducive to democratic information dissemination, as such this
does not allow for the interest of the public to be met. If the media is not informing the public in the
manner that is unbiased then is value comes into question. Furthermore, in this market of competition the
dominant of the media source functions not only as a business which is acting in its own economic
interests, but also as an institution which shapes political opinion.
The political economy approach:
1. Examines how the media industry and their related political agendas influence media.
2. Examines power structures and the way in which media content influences society.
3. Based on the belief that the public interest is best served by a media environment in which
media corporations do not have free rein.
Vocabulary
Convergence - The merging of once separate media content, to achieve greater efficiency.
Economies of Scale - The advantage of large corporations to distribute operation costs across a large
number of services.
Concentration – the amount of competition that occurs within an industry.
Globalization – Technology allows for media to be spread globally which increases the risk of smaller,
less powerful, members as well as their viewpoints to be overshadowed.
Fair and Balanced?
Criticism of bias has been prevalent for many media organizations.
Ex: Fox News has been panned as having a “general antagonism against Obama and his policies”.
-
“If I were watching Fox News, I wouldn’t vote for me” (Bai 2008).
Biased accusations have been placed on both sides of media representations; the liberal media
organizations have received their fare share criticism. They were accused of being biased in the 2011
Canadian Federal Election campaign.
Economic factors may not be the focal point of the media dynamic, however it does involve a large
amount of attention in the understanding of media’s role in society.
New Media for a new century
The newly ever so popular public media is growing and developing into a valid source of current events.
(Blogging, video delivery, social media, and interactive live web chats)
Advertising revenues have changed their focus significantly to online advertisements since recognizing
the change in the delivery of media content.
“It is a function to amuse, entertain, and inform, and to inculcate individuals”
Case of The CBC
Public broadcasters vs. privately owned television broadcasters
CBC receives government funding and is responsible for providing Canada to Canadians. The largest
source of income for CBC is Hockey Night in Canada.
Funds are then put towards other less popular shows that might not otherwise be publicised.
Has yet to establish itself as a “successful media market” representation but still complies to its initial
duty of being a public broadcaster.
Conclusion
Could new media be used to undermine the already established enterprises and authority structure.
The world is currently undergoing a major change in trend regarding the receiving and delivery of media.
Advertisement companies have shifted their focus as well as political economies. The internet has created
a new universe in which news developers and advertisement companies need to take advantage of before
they are left in the dust.