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Political Economy of Media
Journalism & Communication
Pages 9 (2259 words)
Political Economy of Media Name: Institution: Does the technological revolution change the basic rules of media economics? The technological advancement in the 21st century has had a positive impact on the media economics. A study carried out in over 200 European cities shows that the economic growth was higher in the cities that embraced technology.
He also looks at the economic and cultural globalization and their relation with the global commercial market (2001, p.1). The global commercial media do promote cultural globalization. McChesney looks at the technological revolution that is defined mainly by the radical development in computing and digital communication. He concludes that the cultural globalization and economic globalization would be impossible without global commercial media. Technological revolution has made the media empire lucrative and realistic; this new image of the media company is one that was unimaginable in the past. The emerging technologies in the media economics play a role in encouraging competition among the media companies. In pursuit for profits and economy improvement media, companies embrace the new technology in the market to ensure that they provide satisfactory service to their consumers (McChesney, 2001, p.3). The relation between media economy, technological revolution can be better understood if we consider the role of advertising. Advertising is a business expense that large firms invest in to commercialize their business. The concept of globalization was made possible through advertising, the media benefits from advertising in the sense that three quarters of the earning from advertising is for the media company. ...
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