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Political Economy perspectives on media markets remain relevant for analysts of today’s marketplace.
Today, the media market plays a huge role in modern society. Its role in political debates and general cultural process, information services to citizens and the formation of values of the audience is recognized. However, among researchers remains undervalued economy of the media – and as an integral, fast-growing sector of national economies, and as a special science, which allows to understand the functioning of the media laws in their dealings with business, government, ultimately with society as a whole.
Mass media have become the subject of economic analysis for several reasons. On the one hand, the media industry, having developed and highly profitable sector of the economy, is extremely interested in studying the operation of economic laws – and the media as a separate system, and their relationship with society, its many institutions. On the other, as a special industry, serving not only for profits, but also to meet the special needs of the public, mass media riveting interest of many forces in society. Mediaeconomics objective is the most important socio-economic discipline, because it reveals the conditions of profitability that is perhaps the most lucrative sectors of the economy today, examines the scope of the most closely the “three pillars” on which prosperity of media is based – they are corporate businesses (advertisers), state (regulator) and society (the audience paying time and money).
Mediaeconomics – it is an industry of leisure time.
If we ask ourselves about what the audience pays for the free TV and listeners – for free radio, first of all we will recall the electricity charges and the indirect costs of advertising, included in the price of many commodities. Only then – free time, which we can devote to the television, and could, if you want to devote to football in the yard or ballet at the theatre. Moreover, it was free time in the economy is regarded as one of the most important resources, which the consumer pays for goods and services for leisure. Picard said that the whole history of the media confirms that the media industry as an independent branch of the economy begins to develop when a large part of society is increased literacy and some free time. (Picard, 1989) Alt & Kenneth proved that the turn of the nineteenth and twentieth centuries – during the Industrial Revolution, which resulted in urban areas with large numbers of workers who had fixed working hours and, accordingly, free time, although at first, and limited. (Alt & Kenneth, 1990) It was during this period there were mass newspapers in the UK, the U.S., France and Russia. The twentieth century has become the century of struggle employees for their rights, including for normalized week, freed-up time for newspapers, film, radio and television. Improving living standards and increased leisure time – two interrelated and binding mediaeconomics process, without which the modern media just would not exist.
The fact that the economic importances of leisure industries – are media and mass entertainment, will only increase, confirmed by statistics. In 1999, the most profitable industries in the U.S. were: production of software and services, communications, Internet. Economists estimated that by 2004 the average American would spend about 10 hours a day and spend about 790 dollars a year on it to get information and entertainment. It is assumed that by this time the average American will hold up to 187 hours annually in online. Looking at today’s reality we understand that economists were right and to this year Americans spend really much more on entertainment sphere. Ultimately, the media and the entire industry of leisure time will change the rhythm and dynamics of life, turning the house into a centre of individual leisure activities, where traditional media supplemented with video, video games, online entertainment. It is this fact will continue to identify significant interest to the media both economists and researchers, the media. That is why mediaeconomics will develop at the junction of several disciplines of political and economic discourse, in a seminal interaction between economists, sociologists, political scientists and media researchers by themselves.