Reading Blog 6: Political Economy of the Media
The political economy of media relates to where economic value starts and sits within the media, whether it be ownership or skills. Politically, the term demonstrates the concerns held by media practitioners with the way economic markets are managed and how different individuals and groups, of significant power such as politicians, impacted these.
To further my knowledge I read; ‘The Political Economy of ‘New’ News Environment’ (Freedman, 2010) in ‘New Media, Old News’ (Fenton ed.) and ‘Media Studies: Texts, Production, Context’ (Long and Wall, 2012). Both books are written by media academics from the field of media and communication studies. The first is written by Professor Des Freedman of Goldsmiths, University of London and is arguing that the “traditional business model for delivering news is in crisis” (Freedman, 2010, p.35). The second by Paul Long and Tim Wall of Birmingham City University, however, “consider the nature of media organisations in the context of a free market and the exchange of commodity goods [alongside the relations they enter into]” (Long and Wall, 2012, p.173) due to the new political economic approach.
Freedman explains that the danger with the current political economy of media is the end of the news. His chapter rightly highlights the impact technology is having on younger generations stating news corporations are “in danger because younger audiences are deserting them for the immediacy and interactivity of the internet” (Freedman, 2010, p.35). Whereas Long and Wall identify that in the free market, one of the key features of media businesses is still competition including news organisations stating “[they] compete with each other for audiences, sales and other revenue streams…to maximise and deliver profits” (Long and Wall, 2012, p.173). Rather than focusing specifically on the impact of technology on the audience, the second text focuses on a theory of Dallas Smythe (Smythe, 1981) who argues that we should see media organisations as producing audiences, rather than “producing products like newspapers, websites, or broadcast programmes” (Long and Wall, 2012, p.175).
In comparison, Freedman’s text directly focuses on the direct impact on both the products and audience looking at each independently to highlight the problems the industry faces with the ever furthering advancements of technology. Whereas Long and Wall look at the context of the different aspects as commodities and the relationships they form, identifying key theories explaining the benefits or aims of the media organisations.
In regards to further research, I would look into ‘How does the impact of technology on the audiences, of all generations, directly affect the production of ‘new’ news?’
References:
Freedman, D. 2010, The Political Economy of ‘New’ News Environment in ‘New Media, Old News’ (Fenton, N., ed.).
Long, P. and Wall, T. 2012 Media Studies, Texts, Production, Context, Chapter 5, pp. 168-185.
