Media and Culture Chapter 12

Topics: Mass media, Concentration of media ownership, Culture Pages: 3 (1042 words) Published: May 9, 2013
Monopoly: in media economics, an organizational structure that occurs when a single firm dominates production and distribution in a particular industry, either nationally or locally Oligopoly: in media economics, an organizational structure in which a few firms control most of an industry's production and distribution resources Limited Competition: in media economics, a market with many producers and sellers but only a few differentiable products within a particular category; sometimes called monopolistic competition Direct Payment: in media economics, the payment of money, primarily by consumers, for a book, a music CD, a movie, an online computer service, or a cable TV subscription Indirect Payment: in media economics, the financial support of media products by advertisers, who pay for the quantity or quality of audience members that a particular medium attracts Economics of Scale: the economic process of increasing production levels so as to reduce the overall cost per unit Hegemony: the acceptance of the dominant values in a culture by those who are subordinate to those who hold economic and political power Synergy: in media economics, the promotion and sale of a product (and all its versions) throughout the various subsidiaries of a media conglomerate Cultural Imperialism: the phenomenon of American media, fashion, and food dominating the global market and shaping the cultures and identities of other nations

How are the three basic structures of mass media organizations—monopoly, oligopoly, and limited competition—different from one another? Monopoly occurs when a single firm dominates production and distribution in the particular industry. It's more common on the local level when talking about grocery stores or newspapers. An oligopoly has a small few firms dominate an industry. This is found in book publishing companies, broadcasters, telephone companies, etc. Oligopolies often add new ideas and product lines by purchasing successful independent...
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