Thursday, February 22, 2024

Blog Post #8

 Media Consolidation

Did you know 6 companies own 90% of media?

Majority of all media consumed is produced by the "Big 6" media conglomerates. These media giants own smaller "channels" and brands. For Example, TimeWarner is a parent company to CNN and HBO. This gives the illusion that you have a consumers chose when selected where to absorb media, especially news, when in actuality- there is not much diversity in media. This is known as media consolidation, or in economic terms the monopolization of media.


This is extremely concerning because it is major corporations and billion dollar companies controlling what and how we consume information, and we are not left with many options. Less options for where to

get your media from hurts the marketplace of ideas and leads to the information being shared is what is spoon fed by major corporations. 

This problem does not only occur in channel surfing or picking your favorite weather man but in all aspects of how you are absorbing media. These companies own and control all forms of media including television networks, streaming services, news papers, digital sites, major social media and even the devices you use to access all of these platforms. The idea in which a company is able to control all aspects of a supply chain is known as vertical integration. For example TimeWarner is the same brand as AT&T, therefore AT&T subscribers are using devices likely purchased by from the company, on a network run by the company, to view media produced by the company!

This only exacerbate the problem because these brands are so wealthy they are able to access different technology and produce a very different product, or simply just buy out competitors when necessary, not allowing for much competition. The idea of restricting competition in an industry is known as a monopoly. Many critics have called for strict anti-trust regulations, especially in the media industry to regulate the relationships and how these major companies interact with one another and smaller companies. 

The Sherman Anti-Trust Act

The Sherman Anti-Trust Act calls for government regulation in industries in order to restrict activities that endanger competition in the marketplace. When analyzing media consolidation, it is important to
recognize media and what users are consuming; as a good. The way in which these media conglomerates are operating is in order to discourage or completely restrict competitors from producing a similar product. The lack of competition leads to lower quality and more expensive product. 


How to fight it and Why?

The great thing about a capitalist economy is the power is concentrated in the consumer! The bad thing about a capitalist economy, a lot of the time the consumer does not realize this! 
The media as a whole is right slanted (contrary to conspiracy theorists). This is because media is

controlled as a product, and therefore it is produced in order to ensure that it draws an audience. If the audience appeals to wanting a more diverse spread of media, for example viewing and subscribing to independent and local journalism, it will cause a reaction in the industry. 
Being aware of the problem is the first step in being able to fight it. Knowing the chain of how these conglomerates control different networks and newspapers (or sites) helps you to be aware of who is sharing information to you. On a similiar note, sharing what you are viewing and perusing what your peers are viewing is important. Communicating what is occurring in our world allows for a natural transfer of ideas. 

  


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