Chapter4: Global Media Bazar

The convergence between media and technology has created a global market that is based on economic profit. Also, globalization has opened the eyes of many companies on the potential external market. Companies started buying other small companies and even other sectors in all over the world. Some economic terms has been introduced in media; for example, the trade in media products as films, music, and computers. These goods can fly internationally to promote a certain culture and get financial benefits for its products. The United States is leading the market of these products. Here are the top five entertainment companies who has been leading the industry and most of them are founded in the US: Walt Disney, News Corporation, Viacom, and Seagram. Television is one of the most platforms of these companies where they sell the “formal rights”

Public Service to Private Profit-Europe Broadcasting:

Since the US was leading the commercial model of television, it had to affect the western media as well. They had to follow the same model, the privatization of the Europe airwaves that started in 1980s, had to change the media landscape by shifting from national and regional commercial television to the international one. According to the data provided in our textbook, starting from 1998, BBC Worldwide Channels were watched by 230 million households worldwide. BBC has launched BBC Prime that has become an international entertainment Channel. In the same year, BBC joined forces with the Discovery Channel to create a new concept “the animal channel”

English was the worldwide used language even in Europe than many Channels started targeting the Middle East and third world by starting programs in Arabic

International Film Industry:

Even though, India was producing more films, USA was dominating the industry again. Hollywood had the magic of internationalization. Films produced by Hollywood are expected to have a worldwide success.

International Book Publishing:

China and Germany was dominating the industry of publishing while USA leaded the exportation market followed by Britain. The English-language books were ranked first concerning sales.

The international Print Media:

The US-UK “duopoly” were dominating the global newspaper & magazine market. Anglo-written newspaper were having a worldwide success; in contrast, Japanese & China written newsletter were read only in the region.

International Advertising:

Advertising were playing a crucial role in media and vise versa, it presented the commercial side and as usual US was dominating. It was leading the top ten companies in Television, Radio, and newsletter. Japan is ranked the second followed by UK the Germany and France. US and UK were all dominating the media industry including newsletter, radio, and advertising.

Financial News Services:

In the free market world, speed and regular transmission of accurate financial intelligence was very important. News were more than just informing people, but about opening a platform of revenues. CNN has become the world’s new leader in news. It was using the satellite technology which helped in a rapid expansion to get national and international audiences.

Setting Global News Agenda:

The west and US were the ones dominating media, thus their culture n language, and way of living was globalized. Asia and Africa were also presented, but not as much as the ones dominating. Corporations had their ^power of easily reaching people to promote their culture and even political views. However, it was globally agreed to censor some sensitive issues that may hurt the audience to prevent conflicts.