Rethinking Media Economics

Rethinking Media Economics emphasizes how this field of study is affected by rapid changes in the media industry due to technology, regulation, globalization, and consumer preferences. Alan B. Albarran takes the reader through major economic events from the 1950s onwards to highlight how technology in the 21st century has completely changed the relationship between media, media content and audiences via digital platforms and streaming services. Chapters question the assumptions, theories and methods of analysis of research into media economics. Albarran explores how the term media has evolved over time; how consumption of media has changed due to evolving distribution technologies and formats; and the changing consumer experience with media, and how audiences must constantly adapt to new ways of accessing media content. He explicates the media economics ecosystem consisting of three spheres of influence: the corporate sphere, creative economy sphere and metaverse sphere. The book ultimately investigates avenues for future enquiry, particularly in light of new technologies driving further change and evolution through artificial intelligence, mixed content realities (VR, AR, MR), the growth of blockchain, and quantum computing. This is a timely and accessible read for students of media economics, as well as communications and journalism more widely. The book also provides an interesting take on the topic for professionals working in media.