Media Industry Terms Flashcards
Define diversification
When a media company branches out into a different area of the industry.
Define regulation
A rule made & maintained by an authority (eg the Government).
Define media deregulation
2
Removing rules about how media platforms are controlled.
Critics say it gives too much power to individuals who own many forms of mass media.
Define free market
An economic system with a small amount of govt control where prices & earnings are decided by the level of demand & production of goods/services.
Define media concentration
Process where progressively fewer individuals or organisations control increasing shares of mass media.
Define Public Service Broadcasting
Broadcasting made, financed & controlled by the public, for the public.
It’s free from political interference & pressure from commercial forces.
Define globalisation
The process by which businesses or other organizations develop international influence or start operating on an international scale.
Define conglomerate
A large corporation formed by the merging of separate and diverse firms.
Define neo-liberalism
A difficult term specifically dealing with economic ideas about free markets.
It’s characterised by free market trade, deregulation of financial markets, privatisation, individualisation, and the shift away from state welfare provision.
Define surveillance
“Watching over”
It has a string of related associations—monitoring, tracking, observing, examining, regulating, controlling, gathering data, and invading privacy.
Define concentration of media ownership
3
A process where progressively fewer individuals/organizations control increasing shares of the mass media.
There’s increasing levels of consolidation - many media industries already highly concentrated and dominated by a very small number of firms.
More companies owned by fewer individuals = greater control of the media landscape.
Global domination - who are the big 5?
- Comcast
- The Walt Disney Company
- AT&T
- CBS Corporation
- Viacom
Define ologopoly
When a few firms dominate a market - they eliminate their business competition through buyouts/takeovers/mergers.
They dominate the media industry and create a media oligopoly.
Define monopoly
When all producers of a good or service in a market merge, it creates a monopoly (the exclusive possession or control of the supply of or trade in a commodity or service)
Define vertical integration
When an institution has shares in a variety of different companies with different functions
