Industry

 Industry

Rupert Murdoch owns many media outlets and newspapers, and has recently stood down. The problem of him owning all of these for himself hasn't changed, however, as his son is now getting the fortune instead. The problem with one person owning many media outlets and newspapers is that these forms of media can be influenced by their own opinions, and become biased. They can also dictate who owns the product and how it is consumed. This in turn can cause the consumers of these forms of media (of which there are many) to become brainwashed, and have a dominant reaction. They can get other people to think like them, which is a really powerful thing to have in your control. For example, they can get people to like and vote a certain political party that they like, and change an election or the fate of a country.

In the UK, Rupert Murdoch owns 19% of all British press and Viscount Rothermere owns 33%. Combined, they take up 52%, more than half! In the USA, there are still media monopolies existing like in the UK, for example Disney, who owns many big names in the film industry such as Marvel, ESPN, Lucasfilm. In the film industry, there are fewer opportunities for diverse films / products to be produced, because of the big companies taking over everything. These little production companies often produce niche / indie / alternative films instead. The same companies are also often unable to create films on a big budget or create a large buzz about the film. This can impact the revenue of these companies, and can influence their future.

David Hesmondhalgh suggests that it is difficult for companies to predict profitability, so they rely on repetition to generate profit.

A regional newspaper has a smaller, niche audience, which causes it to have less income and less products than national newspapers.

Free press: A newspaper industry that can publish stories without being restricted by the government, while still having to follow the law.

Conglomerate: Business corporation formed by purchase of other businesses.

Global conglomerate: As above, with businesses in more than one country.

Horizontal integration: When a company buys rivals (for example Disney buying Pixar).

Vertical integration: When a company buys other companies that do part of its business (for example Disney, Buena Vista, Disney+).

The media industry has changed a lot thanks to the new developments of technology. For film and TV, there is now streaming services and cinema available, which is now more used than DVD. News has become more utilized and accessed online more than in newspaper form in recent years. New technology is driving the industry forwards all the time.

Spotify has changed the music industry by making music widely available online, and very easy to use; it is available on almost any device imaginable. As a result, this has resulted in other music companies doing the same, leading to the decline in use of vinyl, cassette tapes and CDs. Likewise, Netflix has changed the film industry by making films streamable online. The is loads and loads of content on Netflix. This has lead to the decline in use of DVDs, and has encouraged companies like Amazon to make videos and film available online. Some companies suffered as a result of modernization of the film industry, most notably Blockbuster, who went out of business due to the rise of streaming services.

New, modern audiences consume and produce content. They can become music producers, film makers, and film critics (for example) just because they own a smartphone.