C4 - Money Drives the Industry PDF

 Media literacy is a process with 7 key concepts; each with a primary goal and opportunities for critical thought.  Key concept #4 – “Money Drives the Industry” – is about seeing the economic forces behind media production.  It can help us identify media ownership, analyze the impact of media...

 Media literacy is a process with 7 key concepts; each with a primary goal and opportunities for critical thought.  Key concept #4 – “Money Drives the Industry” – is about seeing the economic forces behind media production.  It can help us identify media ownership, analyze the impact of media institutions, and reveal deeper ideologies.  The Media is a diverse collection of industries and practices, each with their own methods of communication, specific business interests, and audiences.  Media producers are concerned with three main things:  Capturing the attention of people with money to spend;  Developing brands that carry specific meanings for an audience;  Creating media texts that maximize profit.  Media texts are made for Networks to sell timeslots – the space’s in-between a media text.  Commercials are designed to be broadcast alongside media texts; the more popular a media text, the more expensive an ad.  Ads are also designed to be memorable, so companies will try to align with current trends; when a significant number of people adopt a particular style, idea, or behavior.  Key concept #4 reminds us that ALL media texts are commercially owned and produced to generate profit.  It is also a reminder of the power and influence that comes with ownership.  For example, Disney owned 40% of the media industry in 2019 with record profits thanks to imaginative projects and popular IP [Marvel, Star Wars, etc.].  Some sociologists have expressed concerns about recent trends in media ownership.  The number of media outlets have increased, but the actual amount of choice has diminished.  This can create narrow messages based on the potential for monopolies.   A monopoly is when a single company or entity dominates a particular industry with no competition.  This means that the company would have significant power over the prices, supply, and availability of goods or services.  Without competition, a company has no reason to innovate or make products affordable. https://www.slideserve.com/harveyc/trends-in-the-ownership-and- control-of-the-media-powerpoint-ppt-presentation   In the Western market, there are six film studios that make up 90% of the US box office revenue.  The ‘Big Six’ operate in and around Hollywood; centered around film studios who have existed since the Golden Age of Cinema in the 1930s/40s.  Until recently, these companies include Warner Bros, 20th Century Fox, Paramount, Columbia [owned by Sony], Universal, and Walt Disney. https://www.slideserve.com/harveyc/trends-in-the-ownership-and- control-of-the-media-powerpoint-ppt-presentation  When analyzing media, think about key concept #4 as a lens for purpose. Ask yourself:  Who profits from this message or this narrative?  Is this message part of a wider web of ownership?  Who does this media text serve or benefit? [the public? Private interests? Etc.].