The Market Model And The Mass Media Industry. Information

THE MARKET MODEL AND THE MASS MEDIA INDUSTRY Information is now called â€Å"power† like money and authority. Mass media companies that exercise control over information that is transmitted to the masses are now seen as a strong force in building public opinion. As the â€Å"fourth power† in society, mass media organizations play an important role in the successful socialization of individuals into existing social life. In the recent years major changes have occurred in the mass media industry. But how can we explain these changes? Why are they occurring? How can we judge the significance of these changes? Are they generally positive or negative developments? Should we be pleased or concerned about the direction in which the mass media industry is†¦show more content†¦One of the model is the market model of media. Similarly, in the market model of mass media, the media company is conceptualized as a private company selling a product. Based on this understanding, there is no real difference between media organizations and private retail companies (such as Wal-Mart); both the retail organization and the media organization are manufacturing a product that they market to the public in hopes of making maximum profit. The market model widely uses the economic perspective of assessing success: by generating profit for owners and shareholders of the company. The consumers are the audience of the media with tastes and preferences that need to be understood and addressed. Because of the market model, the media company encourages â€Å"consumers† to enjoy themselves, view ads, and buy products. Also according to the model competition between media companies ensures that the public interest is served properly. So it is understood that information that is presented to the public by media companies i s supposed to be in the interest of the public and be popular among citizens. After understanding the model and its approach towards the media industry, we must understand the application or policy making level. The market model’s approach to the media would ensure that the market operates without regulations, so that the companies are able to serve their publicShow MoreRelatedMedia Convergence : From Mass For Networked Communication1508 Words   |  7 Pages Media convergence: From mass to networked communication Literature Review Media convergence refers to the services and activities emerged through the development of the Internet, where it has allowed for interlink between communication networks and media contents (ALRC, 2015). The establishment of ‘Internet’ has drastically changed the overall communication model in the society in the past 15 years. 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