Weve all seen it or been a part of it: a group out to dinner where everyone spends much of the evening staring at their phones or gazing at a TV in the corner. Although the acquisition of more and more companies may potentially enable better overall performance during business cycle fluctuations, this may not always be the case. On top of that, we have daily newspapers, magazines targeting all kinds of readers, and, of course, the immeasurable breadth of the internet. I am a Digital Marketer and an Entrepreneur with 12 Years of experience in Business and Marketing. For example, in 2014, Amazon (AMZN) announced that it would be expanding its Amazon Web Services (AWS) cloud computing business into the government sector with a new GovCloud region. The firm may decide to diversify by purchasing a soft drink firm, after which it can grow via the acquisition of other firms that produce different types of air-fried snacks. Please use our International Form if you live outside of the U.S. Walden University is a member of Adtalem Global Education, Inc. www.adtalem.com, Walden University is certified to operate by SCHEV. Here are a few of the pros and cons. From reporters bringing us stories of people in difficult situations to social media allowing one persons thoughts to go viral and spread across the world, mass media can lift up an individual voice that would otherwise have gone unheard. Advantages And Disadvantages Of Cartels 712 Words | 3 Pages. While some enter the field with a business degree, a communication degree may better prepare you for the full breadth of careers available in mass media. One example of a Conglomerate merger is the combination of Dow Chemical and DuPont, which was announced in December 2015. Global Village Overview & Concept | What is a Global Village? Conglomerates can trade at a discount to the overall individual value of their businesses because investors can achieve diversification on their own simply by purchasing multiple stocks. Where would business be without advertising and marketing? It is believed that the government censors as a way to have control not to protect citizens; by knowing more, they have the upper, Before media, politicians and other newsmakers had to rely on word of mouth to communicate the various messages they were espousing. These subsidiaries include GEICO, BNSF Railway, and Berkshire Hathaway Energy. Conglomerates also have access to new markets and technologies. Some of the advantages include minimal control by the government. There are other big stars that plays in the movie, such as Courtney Love, Danny DeVito, and many others. A conglomerate can be made up of many businesses within the same industry or from different industries in order to diversify the business and mitigate financial risk. This can be done through economies of scale and particularly economies of scope. 11) Beefing up media bias Monopoly. Audiences are seen as capable of manipulating the media in an infinite variety of ways according to their prior needs and dispositions and as having access to what Halloran calls 'the plural values of society ' enabling them to 'conform, accommodate or. According to Lorimer et al, why does public policy "place a heavy emphasis on being able to exert national control over the broadcasting sector"? While mass media can create opportunities for anyone to share their story, the vast majority of our mass media is bought. One firm controls a significant portion of numerous small firms that operate independently in a conglomerate. Cameras, microphones, servers, computers and the necessary editing programs have significant costs more easily handled by a corporate entity than an individual owner. For instance, electronic news media typically favours one political party over another and their articles persuade individuals to vote for the particular. America loves sensationalism. From the in-depth movie analysis, this essay will be able to show that the media is able to influence the people and their stance towards certain topics by applying these media theories: agenda setting through gatekeeping, dramatization, and two-step flow of communication. What Is a Conglomeration? How It Forms, Benefits, and Risks - Investopedia Participating in a number of different enterprises might help a conglomerate firm diversify the risks associated with being in only one market. Media has very important roles to play in democracy such as; projecting the problems of the people to the public, and protecting the fundamental rights given in a Constitution. Media is one of the most influential aspects of our lives. Due to these media conglomerates the theory of media imperialism evolved which states that due to over concentration of mass, Chris Hedges article, Our Country Is Lost Believing in What It Sees on Screens, and We Are Going to Pay a Nasty Price for It, highlights the negative influence electronic media has on society. Electronic Media is a form of entertainment, knowledge and communication and influences societys conductivity and is deeply censored, biased and manipulative in order to control society. July 9, 2022 By Hitesh Bhasin Filed Under: Business. Therefore, the media no more writes about the peoples grievance but in support of the ruling government party. Nevertheless, the issues will be addressed from the perspective of the media conglomeration in Malaysia. For example, newspapers often offer digital versions with videos and weblinks. Conglomeration means a few large media companies own a large proportion of various media. Rather, they can tailor programming to serve the needs of different segments of the viewing population. Air India to discontinue Vistara after merger, DS Group Partners with Lderach (Swiss Chocolate Maker), Castrols unveils a New Logo and a Refreshed Brand Identity. Those concepts are: globalization, media concentration or conglomeration, electronic colonialism, and consumerism. Beth holds a master's degree in integrated marketing communications, and has worked in journalism and marketing throughout her career. Totalitarian regimes have used mass media for nearly a century to control what their people believe. - Definition & Overview, Franchisee in Marketing: Definition & Explanation, Influencer in Marketing: Definition & Overview, Intangibility in Marketing: Definition & Overview, Learned Behavior in Marketing: Definition, Types & Examples, Marketing Orientation: Definition & Examples, Schedule Variance: Definition, Formula & Calculation, Working Scholars Bringing Tuition-Free College to the Community, Speeds up and expands possibilities of media content distribution, Users can access multiple types of media on one device, Democratization of media (anyone can produce media on a social media website), Expands access to information (anyone with an internet connection can listen to open courses from American universities, for example). Thus we can simply say that all this have given rise to cultural imperialism. Let us know in the comments below. At its best, this is unfair. Through television and radio programs, people get to learn about health matters, environmental conservation, and much more. Consumers' choice & minimal government control. *Federal Communications Commission, Broadcast Station Totals as of September 30, 2016, on the internet as a PDF at https://apps.fcc.gov/edocs_public/attachmatch/DOC-341807A1.pdf. Economic convergence refers to the economic strategies (digitalization, conglomeration, deregulation) which occur in response to the advent of these new technologies. What is media convergence? It also has been able to utilize the synergies between its subsidiaries that created value for shareholders. These are, it undermines the publics trust in the media, it leads to a decline in productive discussion, it can ruin the reputation of businesses or individuals. . A conglomerate can also show the growth of earnings, this is by acquiring companies who have shares that are more discounted then their own. Media convergence and the digital devices that facilitate it are usually divided into various types to describe various phenomena observed as part of the media convergence process. Doing so may also assist the parent company to save money on operational costs while at the same time requiring less manpower. Sometimes conglomeration can refer to a time period when many conglomerates . This is because a conglomerate is usually composed of a number of different subsidiaries that operate in different markets. All told, we have more ways to reach more people than weve ever had in the history of humankind. While almost all people experience major benefits from the convenient services offered by converged digitalized technologies, they also experience decreased levels of personal privacy and increased exposure to fake media content. This includes television, radio, advertising, movies, internet, newspapers, and magazines. Conglomerate Merger - Combining Companies in Different Industries Though many positive attributes exist in the media, there are inevitably negatives as well. Media convergence is a transformative process. Concentration of media ownership the absence of diversity. Media bias has a very large effect on society and most often in a negative way. Whether you are starting your first company or you are a dedicated entrepreneur diving into a new venture, Bizfluent is here to equip you with the tactics, tools and information to establish and run your ventures. Boeing is a multinational conglomerate that has a number of subsidiaries that operate in different markets. A viewer can pursue a topic on the internet about which they saw a news report, such as new stock offering, so the TV programming does not need to spend extensive time covering it. Here are a few of the pros and cons. A downturn suffered by one subsidiary, for instance, can be counterbalanced by stability, or even expansion, in another division. Doing so may also assist the parent company to save money on operational costs while at the same time requiring less manpower. The Uses and Gratification theory by Elihu Katz came into existence when the theorist concocted the idea that individuals utilize the media to their advantage. From newspapers and radios to televisions and social networks, the various forms of media have provided the public with more knowledge and accessibility to information and connectivity to others than ever before. Synergy is the creation of value by two or more entities working together that is greater than the sum of the values of the individual entities. This is because conglomerates usually have a number of different subsidiaries that operate in different markets. The societies rely on mass media for information, entertainments and even communications. Excessive commercialization. Smartphones, tablets, and other smart devices offer a plethora of services that used to only be available through various, unconnected technologies. It has become a major factor in the society as people are depending on it to accomplish specific tasks. Digitalization facilitates fake news and manipulative media content. This movie was nominated for 22 nominations on many awards on different categories and has won 5 awards which are golden globe for the best performance by an actor in a Motion Picture - Comedy or Musical (2000), OFTA Film Award for the best titles sequence (2000), Prism Commendation award for the theatrical feature film (2000), Berlin International Film Festival Award for the best director (2000) and it also won the BSFC award for the best actor (1999), which is Jim Carrey who played the leading role as an American comedian, Andy Kaufman. We also have entertaining programs like music program on the radio and on the television. Advantages And Disadvantages Of Media Conglomeration From the effects of this merging media, a purely capitalistic society relentlessly forms, diminishing individual rights . Multimedia studies help us understand the benefits and drawbacks of mass media. While diversity still clearly exists, there is the risk that mass media might reduce cultural variety, leaving us with less art and fewer inspirations. Inertia prevents development of innovation. Different radio stations with the same music, The effect of deregulation on today's radio. advantages in society, and have limitations restricting them or their rights. Barry Levinsons thought-provoking, satirical black comedy, Wag the Dog (1997) demonstrates the power that media has in our society and its effects, through an exaggerated perspective, which emphasises the way media manipulates the public 's beliefs, thoughts and the way they interact. The movie debuted on 22nd of December 1999, the movie length went on for 1 hour and 58 minutes. Berkshire Hathaway is another conglomerate that has a number of subsidiaries that operate in different markets. However, global phenomena such as deregulation and globalisation have particular impacts on mass media and media content. The Heritage Foundation:The Myth of Media Concentration: Why the FCC's Media Ownership Rules Are Unnecessary. The positive and negative aspects of deregulation, Conglomeration advantages and disadvantages, Conglomeration with TV and Movie Industry, Conglomeration changes in the TV and movie industries, Deregulation Changing the Industry for the Better. Diversifying into many industries or product lines may help an organization maintain a sense of equilibrium during these ups and downs. Improved Quality Media consolidation can raise quality levels of local programming. Which is to say, mass media simultaneously benefits us and creates new problems. Advantages of Size As a conglomerate grows and acquires more companies, it can increasingly take advantage of the greater flexibility it has to develop newly-bought companies and increase their size and profitability. For example, in 2014, Walmart (WMT) announced that it would be building a new distribution center in Texas that would create more than 500 jobs. Most of the media firms have started to implement a 360-degree strategy that integrates content decisions shaped by the potential to generate consumer value and returns through multiple platforms of expression of that content via a number of distribution outlets (Doyle, 2010). Recently conducted studies examine e.g . Global convergence is the globalizing influence of digital media, which allows cultures to affect one another around the globe through media. The use of multiple formats allows media companies to offer extensive additional information. Advantages and Disadvantages of Media Convergence. Berkshire Hathaway has been able to utilize the synergies between its subsidiaries to create value for shareholders. A financial adviser who wants to recommend a risk-averse approach will inevitable talk about diversity and a diverse portfolio of investments. Pure . Economic convergence refers to the economic strategies widely adopted in response to technological convergence by media companies. Synergies are created when two businesses come together and create efficiencies or cost savings by sharing resources, ideas, or knowledge. Diverse media products alternative outlets offered by subsidiaries. Media Effects Theory, Beliefs & Influences | What is Media Effect? I feel like its a lifeline. Media Conglomeration: Pros and Cons - Ryan Ruud In the political context, this could be how citizens react to a speech a politician has made, commentary between politicians aired on television, and or commentary between political journalists. This review study shed light on the debate over positive and negative aspects of media. Are conglomerates good for the economy?