Understanding Media: Monopoly, Oligopoly, and Limited Competition

What is a monopoly?

The exclusive possession or control of the supply or trade in a commodity or service. (Microsoft)

What is an oligopoly?

A market structure in which a few large firms dominate a market (Video Games: Nintendo, Sony, Blizzard)

What is limited competition?

Many producers and sellers but only a few products (radio)

What is the difference between direct payments and indirect payments?

Direct: when a firm buys a product
Indirect: when a firm makes money off of ads

What is synergy?

Refers to any promotion and sale of different versions of a media product across the various subsidiaries of a media conglomerate

Regulation by marketplace

There's no need for regulation if there exists enough of an outside competitive force

Postmodern media conglomerate

Disney (owning many types of media, overarching each other)

What is cultural imperialism? And why should we worry?

When one culture is dominating over local cultures. This should be a cause for worry as it can lead to a diminishing of local cultures and producing a "dominant" culture

Hegemony

Domination over others (in a cultural sense)

What is the only media activity mentioned in the constitution?

Journalism

What is fake or satirical journalism?

Journalism that tends to be opinionated and detached from traditional news (Daily Show, Last Week Tonight)

What does it mean that: "News is both a product and a process?"

That the press has both set values but also shifts in accordance to the times (18th century partisan press, 20th century informational standards)

What are the 4 enduring values as explained by Herbert Gans?

Ethnocentrism, responsible capitalism, small-town pastoralism, and individualism

What is newsworthiness?

Information most worthy of transformation into news stories: timeliness, conflict, prominence, human interest, consequences, usefulness, novelty, deviance, proximity

What are some ethical predicaments of journalism?

Deploying deception, invading privacy, conflict of interest

What is the difference between accuracy, balance, and fairness?

Accuracy: the accuracy of the facts of the story
Balance: making sure different viewpoints are represented
Fairness: including all the information

What is included in the code of ethics as set by the Society of Professional Journalist (SPJ)?

Seek truth and report it, minimize harm, act independently and be accountable

What are the different guidelines for ethics as provided by Mill and Kant?

Kant: "categorical imperative" universal code
Mill: the greatest good for the greatest number of people

What is herd journalism?

When a lot of journalists are together trying to cover a story

What are the differences in print and TV news?

Print: 60% ads (space), expected to be detached
TV: 25% ads (time), gains trust from live/on-shot reporting

What are sound bites?

Snappy reports a part of a TV broadcast, similar to quotes in print media

What is happy talk?

The spontaneous or scripted banter that goes on among local news anchors and reporters before and after news reports

Who was Walter Lippman and what did he do?

Wrote Public Opinion, and was the first to apply principles of psychology to journalism

What is the difference of media being a mirror vs a window?

Mirror: reflective
Window: outside looking in