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Questions and Answers
Questions and Answers
According to the definition provided, what characterizes capitalism as a system?
According to the definition provided, what characterizes capitalism as a system?
- It converts almost everything, including services, ideas and resources, into commodities for exchange. (correct)
- It converts natural resources into protected environmental reserves that are untouched by commercial interests.
- It strictly regulates the types of goods and services that can be commodified to maintain societal well-being.
- It emphasizes the production of goods intended solely for individual consumption, with no regard for trade.
Before the rise of capitalism, what primary role did art fulfill?
Before the rise of capitalism, what primary role did art fulfill?
- Art mainly served religious and decorative purposes, rather than being created for financial profit. (correct)
- Art's main function was to encourage political dissent and critique established power structures within society.
- Art served primarily as a vehicle for commercial advertisement and marketing strategies aimed at increasing product sales.
- Art was predominantly used to document historical events and provide accurate records of cultural achievements.
What does Vincent Mosco identify as the focus of study in political economy?
What does Vincent Mosco identify as the focus of study in political economy?
- The quantification of resource distribution using mathematical models to optimize efficiency.
- The analysis of individual consumer behaviors and their effects on market trends.
- The social and, in particular, power relations that shape the production, distribution, and consumption of resources. (correct)
- The development of sustainable practices for resource management without considering social impacts.
In traditional Marxism, where does media belong and what role does it serve?
In traditional Marxism, where does media belong and what role does it serve?
What critical question did Dallas Smythe pose regarding Marxist theory and communications?
What critical question did Dallas Smythe pose regarding Marxist theory and communications?
What did Dallas Smythe conclude is being sold to advertisers when audiences consume mass media?
What did Dallas Smythe conclude is being sold to advertisers when audiences consume mass media?
According to the information, what is the 'essential logic' behind media that treats the audience as a commodity?
According to the information, what is the 'essential logic' behind media that treats the audience as a commodity?
What is meant by "synergy" in the context of media companies?
What is meant by "synergy" in the context of media companies?
Which media company is referenced as the quintessential example of synergy in the entertainment industry?
Which media company is referenced as the quintessential example of synergy in the entertainment industry?
What was the initial outcome of the film The Mighty Ducks at the box office?
What was the initial outcome of the film The Mighty Ducks at the box office?
How did Disney capitalize on the success of The Mighty Ducks movie?
How did Disney capitalize on the success of The Mighty Ducks movie?
What significant acquisition did Disney make in July 1995, and how did this benefit the company?
What significant acquisition did Disney make in July 1995, and how did this benefit the company?
What role did Paul Kariya, an NHL star, play in the Mighty Ducks movie series?
What role did Paul Kariya, an NHL star, play in the Mighty Ducks movie series?
What percentage of American media was controlled by 50 companies in 1983?
What percentage of American media was controlled by 50 companies in 1983?
By 2011, how many companies controlled 90% of American media?
By 2011, how many companies controlled 90% of American media?
Which business activity defines horizontal integration in media?
Which business activity defines horizontal integration in media?
What characterizes vertical integration strategies in media industries?
What characterizes vertical integration strategies in media industries?
According to Dallas Smythe, what constitutes the commodity form in mass communication under monopoly capitalism?
According to Dallas Smythe, what constitutes the commodity form in mass communication under monopoly capitalism?
In the context of political economy, what does the term 'commodities' refer to?
In the context of political economy, what does the term 'commodities' refer to?
According to Marxist theory, if the 'base' of society is the economy, what characterizes the 'superstructure'?
According to Marxist theory, if the 'base' of society is the economy, what characterizes the 'superstructure'?
How does the concept of 'mode of production' define a society in Marxist terms?
How does the concept of 'mode of production' define a society in Marxist terms?
What are the two main components of a mode of production, according to the information provided?
What are the two main components of a mode of production, according to the information provided?
How does the concept of exploitation fit into the economic base, according to Marxist theory?
How does the concept of exploitation fit into the economic base, according to Marxist theory?
What is the primary contradiction identified in the conflict between the proletariat and the bourgeoisie?
What is the primary contradiction identified in the conflict between the proletariat and the bourgeoisie?
According to the content, what happens when a company engages in 'synergy'?
According to the content, what happens when a company engages in 'synergy'?
Which statement accurately reflects Smythe’s concept of audiences as commodities?
Which statement accurately reflects Smythe’s concept of audiences as commodities?
What does the term 'monopoly power' primarily refer to in the context of media economics today?
What does the term 'monopoly power' primarily refer to in the context of media economics today?
What is the significance of the statistic that six companies controlled 90% of American media by 2011?
What is the significance of the statistic that six companies controlled 90% of American media by 2011?
Beyond financial investment, how did Disney's acquisition of ESPN in 1995 strategically benefit the company?
Beyond financial investment, how did Disney's acquisition of ESPN in 1995 strategically benefit the company?
In Marxist economic theory, what fundamental characteristic defines the 'proletariat'?
In Marxist economic theory, what fundamental characteristic defines the 'proletariat'?
In contrast to the proletariat, what central feature describes the 'bourgeoisie' in Marxist economic thought?
In contrast to the proletariat, what central feature describes the 'bourgeoisie' in Marxist economic thought?
How has television in the United States been characterized from its inception regarding the economic landscape?
How has television in the United States been characterized from its inception regarding the economic landscape?
What broad claim does Dallas Smythe make regarding what audiences provide during seemingly 'leisure time' spent with mass media?
What broad claim does Dallas Smythe make regarding what audiences provide during seemingly 'leisure time' spent with mass media?
How does horizontal integration specifically manifest across television networks?
How does horizontal integration specifically manifest across television networks?
What operational aspect is significantly encompassed by 'vertical integration' inside the media industry?
What operational aspect is significantly encompassed by 'vertical integration' inside the media industry?
How is 'synergy' typically expressed in mega media organizations, such as the Walt Disney Company?
How is 'synergy' typically expressed in mega media organizations, such as the Walt Disney Company?
To what primary societal structure does traditional Marxism assign media practices?
To what primary societal structure does traditional Marxism assign media practices?
How did Disney strategically leverage its 1995 acquisition of ABC related to the synergy around ESPN?
How did Disney strategically leverage its 1995 acquisition of ABC related to the synergy around ESPN?
What best encapsulates the effect of monopoly power in present-day media, as presented in the content?
What best encapsulates the effect of monopoly power in present-day media, as presented in the content?
Questions and Answers
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Flashcards
Flashcards
Capitalism
Capitalism
A system of organizing society where everything is transformed into commodities.
Commodities
Commodities
Anything that can be bought and sold in a capitalist system.
Pre-capitalist art
Pre-capitalist art
Before capitalism, art was primarily created for religious or decorative purposes, not for commercial gain.
Commodify Art
Commodify Art
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Political Economy
Political Economy
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Base (Marxism)
Base (Marxism)
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Superstructure (Marxism)
Superstructure (Marxism)
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Mode of Production
Mode of Production
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Forces of Production
Forces of Production
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Relations of Production
Relations of Production
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Exploitation (Marxism)
Exploitation (Marxism)
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Role of Media (Marxism)
Role of Media (Marxism)
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Audience Commodity
Audience Commodity
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Maximal Media
Maximal Media
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Synergy
Synergy
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Horizontal Integration
Horizontal Integration
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Vertical Integration
Vertical Integration
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Monopoly Power
Monopoly Power
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Media Consolidation
Media Consolidation
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Flashcards
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Study Notes
Study Notes
The Political Economy of Media
- Outlines the political economy of media, touching on concepts of capitalism, commodification, and Marxism in relation to the media industry.
- Notes the concentration of media ownership in the hands of a few powerful companies.
Capitalism and Commodities
- Capitalism is defined as a system that organizes society by turning everything into commodities.
- The concept of commodities contrasts with the idea of "commons," or resources available to all.
- Under capitalism, even art transitions from religious or decorative purposes to products of commerce.
- Examples of commodified art include:
- Michael Jackson's "Thriller" album, with 66 million copies sold.
- "Harry Potter and the Philosopher's Stone," with 120 million copies sold.
- Edward Hopper's "Chop Suey," sold for $91 million.
- The "Hamilton" franchise, valued at $1 billion.
- Television in the United States has always been a significant business.
- Jerry Seinfeld's net worth is $950 million.
Political Economy Defined
- Political Economy studies social relations, especially power relations.
- These relations mutually constitute the production, distribution, and consumption of resources, including communication resources.
- Political economy examines the dynamics of control and survival in society.
- It acknowledges and focuses on the political motivations behind economic decisions, analyzing their social and cultural implications.
Marxism and Media
- Karl Marx's "Capital" (1867) analyzes the commodity as the basic component of the capitalist economy.
- Marxism views the economy as the fundamental basis of society, with everything else forming the superstructure that reflects and reproduces the base.
- A society is characterized by its productive base, termed the mode of production.
- Marx identified the following five modes of production:
- Primitive society
- Slave society
- Feudal society
- Capitalist society
- Socialist/Communist society
- A mode of production has two parts: forces of production and relations of production.
- Forces of production can be exemplified by comparing the hand-mill to the feudal lord and the steam-mill to the industrial capitalist.
- Relations of production transitioned from serf-labor to wage labor, leading to the formation of the capitalist and working classes.
- Traditional Marxism places media in the superstructure, with its function being to spread messages on behalf of the capitalist class, essentially doing ideological work for capitalists.
The Audience as Commodity
- Dallas Smythe (1977) argued that Marxist theory had a blind spot when it came to communications.
- Smythe questioned the commodity form of mass-produced, advertiser-supported communications under monopoly capitalism.
- Smythe's answer was that audiences themselves are the commodity.
- Mass media turned the audience into a commodity that is sold to advertisers.
- "Leisure time" is really just time when the audience is being sold to advertisers, making the audience perform unpaid work.
- The increasing control of large media companies extends beyond specific sectors to influence the whole field of non-work time.
- According to this view, the main purpose of media is to produce the audience as a commodity.
- The essential logic is maximalist, relentlessly trying to increase both audience and profitability.
- This tendency leads to several business processes that characterize the media industry.
Synergy and Integration
- Synergy is when a company recirculates, recycles, repackages, and redeploys an intellectual property that it already owns.
- This often involves transforming intellectual properties into brand names with product lines that are consumed across media venues.
- It commonly involves both vertical and horizontal integration.
- The Walt Disney Company excels at synergy, with "Disney synergy" representing the ultimate in cross-promotional activities in the media/entertainment industry.
Disney Synergy Examples
- In 1992, Walt Disney Pictures released "The Mighty Ducks," a film about a Minneapolis peewee hockey team.
- The film, starring Emilio Estevez, grossed over $50 million at the box office.
- In response to the film's success, Disney invested $50 million in a National Hockey League (NHL) expansion team named The Mighty Ducks.
- During their first year, the 1994-95 season, The Mighty Ducks of Anaheim had the top-selling logo in sports.
- In July 1995, Disney acquired Capital Cities/ABC for $19 billion.
- The acquisition included ESPN, allowing Disney to promote its products through the sports network.
- Later that year, Disney released "D2: The Mighty Ducks," where Gordon Bombay coaches the United States' national junior hockey team.
- The third movie, "D3: The Mighty Ducks," served as an advertisement for the NHL team and featured a cameo by NHL star Paul Kariya.
Company Integration
- Horizontal integration involves moving to markets similar to one's original product, such as a television company creating multiple television channels.
- Vertical integration involves a company owning different aspects of the same product line.
- For example, a car manufacturer owning a tire company, or a record label owning a CD manufacturer.
Monopoly Power
- Monopoly power can be held by one powerful company or a number of powerful companies (oligopolies).
- In 1983, 90% of American media was owned by 50 companies.
- By 2011, 90% of American media was controlled by 6 companies.
- The six companies that own nearly 90% of all media in the US:
- National Amusements ($43 billion)
- Disney ($88 billion)
- Time Warner ($60 billion)
- Comcast ($148 billion)
- NewsCorp ($56 billion)
- Sony ($34 billion)
Music Industry Monopoly
- Major players in the music industry and their market share in 2011:
- EMI Group PLC (9.6%)
- Sony Corporation (26.6%)
- Warner Music Group (13.2%)
- Vivendi (30.4%)
- Other (20.2%)
- Major players in the music industry and their market share in 2012:
- Sony Corporation (16.6%)
- Warner Music Group (13.2%)
- Vivendi (29.6%)
- Other (40.6%)
- Major players in the music industry and their market share in 2014:
- Sony Corporation (19.7%)
- Warner Music Group (12.9%)
- Universal Music Group (23.7%)
- Other (43.7%)
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