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A , 2012) It acts as powerful agents of socialization by transmitting societys cultural heritage and its basic system of norms and values. The use of multiple formats allows media companies to offer extensive additional information. Advantages of Media Education: Media educates the mass. Conglomerates may also find it easier to diversify their businesses because they can use existing resources and capabilities to enter new markets. Conglomerates require less manpower than companies that are not conglomerates. A newspaper company may begin by acquiring television and radio stations before purchasing book publishers. Advantages 1. A. In mid last century newspaper and magazine were the principle source of mass communications. They do not have the freedom to express what they really want to which deprives them of their rights. For example, newspapers often offer digital versions with videos and weblinks. The movie debuted on 22nd of December 1999, the movie length went on for 1 hour and 58 minutes. Expand your career options and earn your degree in a convenient, flexible format that fits your busy life. According to Baran (2012) mass communication can be defined as the process of creating shared meaning between the mass media and their audiences. This essay aims to discuss the degree to which we are shaped by our interaction with the media. Man on the Moon is a biographical movie with a drama and comedy genre about the late American entertainer, actor, and performance artist named Andy Kaufman. Pure . On top of that, we have daily newspapers, magazines targeting all kinds of readers, and, of course, the immeasurable breadth of the internet. The media is supposed to be just like a warrior fighting with a pen or like a mirror which shows us or strives to show us the bare truth and astringent realities of life. What is media convergence? 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. Do you think they are good or bad for the economy? Only time will tell the true consequences of media convergence and whether the advantages or disadvantages prove more powerful. A conglomerate can show earnings growth, by acquiring companies whose shares are more discounted than its own. It has been able to reduce costs and gain access to new markets and technologies by leveraging the synergies among its subsidiaries. I understand my consent is not required to enroll at Walden University, and that I can withdraw my consent at any time. Copyright 2023 IPL.org All rights reserved. As a result, the risks associated with being in only one market are diversified. What are the advantages and drawbacks of, allowing large conglomerates to control the mass media? Viacom, a leading global media company, was formed in the 1970s by Central Broadcasting System (CBS). One popular example of acquisition can be found in the energy sector. It is the backbone of a democracy; it makes us vigilant of numerous social, political and economic activities happening around the world. Which is to say, mass media simultaneously benefits us and creates new problems. Disadvantages And Disadvantages Of Broadcasting Media How do you know what youre seeing or hearing from mass media is true? Conglomerates are usually formed via acquisitions, in which one company buys a controlling stake in another firm. 3. Since the creation of the internet and the mass media that comes with it, information can now be spread all the way across the world in the time it takes to hit the enter button on a computer or phone and upload it to the internet. James Gattuso, in the same May 2003 article, offers NBC, MSNBC and msnbc.com as an example of this phenomenon. The aforementioned two subsidiaries can help conglomerates to gain access to new markets and technologies. The United States and many other countries see the internet as a threat and a means of control which is why information of the World Wide Web is censored (Bennett). Updated: People receive the latest news in a short time. Though many positive attributes exist in the media, there are inevitably negatives as well. Only a few companies representing the interests of a minority elite control the public airwaves. As a result, they have transferred a considerable amount of their delivery channels from print to online format. Media function as social control agents by gathering information, the media engage in surveillance of the social environment. Print media take advantage of the internet as well. It has both positive and negative consequences. All told, we have more ways to reach more people than weve ever had in the history of humankind. Conglomeration has change the industry in the fields of movies and television in such that now both industries can combine into one big company that can do multiple things. Bollywood, the nickname for the Indian film industry, is an example of how global convergence brought the influence of American Hollywood culture to the Indian film industry. While MEG's broadcasting decreased 17% and digital media increased 8%, its newspaper was down 43%. Media conglomerates are a good example of this type of diversification. Media consolidation refers to a trend in which a single company or corporation owns multiple media outlets in a given market (area of distribution or transmission). These subsidiaries include GE Aviation, GE Healthcare, GE Capital, and GE Industrial Solutions. This type of company formation is distinctly different from other types and has many advantages. As a result, the conglomerate may find it difficult to utilize its economies of scale to save on costs. One hundred years ago nobody heard about the news or current events from Facebook or the newest tweet. Increasingly, taking cross-enterprise synergy into account is essential for investors to properly evaluate future prospects has been done by GE effectively. Media has detrimentally influenced. On one hand, media convergence has expanded access to media, simplified media production, and democratized the base of media producers through user-created content. Media corporations often employ multiple media formats, such as TV, print and the internet to enhance their offerings. Management costs increases due to size of the group Conglomerates have to face many accounting-related problems, for example, consolidation They also benefit from synergies between its subsidiaries to gain access to new markets and technologies. Disadvantages Of Media Conglomerates - 1011 Words | Bartleby Conglomerates can also be created through mergers, which occur when two companies of approximately equal size combine to form a new company. lessons in math, English, science, history, and more. These subsidiaries include Dongfeng Nissan, Dongfeng Renault, and Dongfeng Peugeot Citroen. Chief Executive Officer (CEO) Roles, Responsibilities and FAQs, Self service technologies Definition, Meaning and 10 Examples, Data Warehousing Definition, Types, Advantages and Disadvantages, JioMart launches its Digital-First Holi Campaign targeting Sale from 1st to 8th march, Tata Groups talks over $1 billion Bisleri stake stall, Goodbye Vistara Airlines! 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. These media conglomerates exist in Europe, Asia and Latin America. Conglomerates offer a number of advantages, including economies of scale, greater financial stability, and access to new markets. In order to achieve the aforementioned aim of this essay I will focus on the following: limited-effects theory, two-step flow theory, attitude change theory and agenda setting. Accounting disclosure is less useful information, many numbers are disclosed grouped, rather than separately for each business. Media conglomeration means that several media companies of different purposes combines together to form conglomerates. To put it another way, a corporation that is composed of different combined companies to sell a variety of goods and services is known as a conglomerate. Economic convergence is very beneficial to companies but has detrimental effects on society and the economy overall. When confronted with said evidence, most media members blame it on education. There are very important opportunities that can be exploited, to increase shareholder value. One obvious difference is that ownership and control are separated, and the primary objective of those who control these companies is to maximize returns to investors. 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. Hi, I am an MBA and the CEO of Marketing91. Hence, the term conglomeration refers to the procedure by which a conglomerate is formed when a parent firm starts to acquire subsidiaries. Newspaper firms have started to search for online delivery channels so as to retain the young readers. July 9, 2022 By Hitesh Bhasin Filed Under: Business. Enrolling in a course lets you earn progress by passing quizzes and exams. Get unlimited access to over 88,000 lessons. In the stock market, it is understood as portfolio diversification. The digitalization of information has allowed people to have unprecedented access to educational and informative content on their devices. Bagdikian writes of the conglomeration effect stating that "the awesome power of the contemporary mass media has in one generation been a major factor in reversing the country's progressive political, social and economic momentum of the twentieth century." (pg. Potato chips might be the first product offered by a food conglomerate. Three important aspects of media convergence are technological convergence, economic convergence, and cultural convergence. It has become a major factor in the society as people are depending on it to accomplish specific tasks. Music, film, television, and publishing industries have suffered economically due to copyright infringement and loss of audience. Mass media is communication whether written, broadcast, or spoken to reaches a large audience. These structures can create a capital market within the group to allow growth of the conglomerate. A conglomerate may keep its poorly performing units for the purposes of diversification, but in doing so, these poor performers may dampen the performance of its more successful parts. All rights reserved. To unlock this lesson you must be a Study.com Member. 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. Definition, Benefits and Techniques. It has its advantages and, unfortunately it also has its disadvantages. This has lead to a proliferation of bias across the many media companies in existence today. Mergers and acquisitions are two ways to establish a conglomerate. Synergies are created when two businesses come together and create efficiencies or cost savings by sharing resources, ideas, or knowledge. Another essential aspect of cultural convergence is the widespread use of social media. In general, the mass media simply means medium that gives out information. Inertia prevents development of innovation. Now, we are all connected. As the merging companies operate in distinct industries and/or markets, the merged company is less vulnerable to declines in sales in one industry or market. A smartphone exemplifies the three C's: a computer that allows every user to communicate with others by sharing content. What are alternative ways the. Conglomerates also have access to new markets and technologies. Different radio stations with the same music, The effect of deregulation on today's radio. Try refreshing the page, or contact customer support. *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. In Malaysia, Law such as Publications act and printing presses give the Malaysian authorities the control over all the media. Perhaps the key one is that the specialist skills built up in the original company or group of companies may not be relevant in the newly-acquired entities. This is big in the movie and television industry in that they are already paying boatloads of money to produce shows and movies that they dont want to have to pay more money when they dont need to. It also has been able to utilize the synergies between its subsidiaries that created value for shareholders. ADVANTAGES OF A MEDIA CONGLOMERATE.docx - Course Hero One professional consultant who pioneered these formats justified them by claiming, People who watch television the most are unread, uneducated, untraveled and unable to concentrate on single subjects more than a minute or two. (Lazere 306). Some of the advantages are that there is diversification, which can result in the reduction of investment risk. It educates people. Media outlets are thus the most pivotal institutions within society. Through television and radio programs, people get to learn about health matters, environmental conservation, and much more. Thus we can simply say that all this have given rise to cultural imperialism. Fiat Chrysler is a conglomerate that has a number of subsidiaries that operate in different markets. Media is one of the most influential aspects of our lives. The difference in the working is mainly due to the difference in the. Global convergence is the globalizing influence of digital media, which allows cultures to affect one another around the globe through media. Mass Media Research Concept & Examples | What is Mass Media Research? As a result, the conglomerate may find it difficult to respond to changes in the market. Any act that against this law may lead to fines or in much extreme cases, prison sentence. The complexity of a conglomerate's accounts make them harder for managers, investors and regulators to analyze, and makes it easier for management to hide issues. The Pros of Mass Media It Can Keep Us Connected Before mass media, you could live your entire life knowing nothing about the world outside of your village. Many of these terms, such as globalization . As a member, you'll also get unlimited access to over 88,000 Taking a look at the different Why Does Economics Drive Most Media Companies? What is Meant by Piercing The Corporate Veil? What Is A Conglomerate? (With Advantages And Disadvantages) Numerous online universities offer communication degree programs, giving you the flexibility you need to complete your coursework from home and on a schedule that can let you continue working full time. Would the alternatives be more ethical or virtuous? Before mass media, art and culture were more localized, so they reflected diversity in how people spoke, dressed, and entertained themselves. Conglomeration means a few large media companies own a large proportion of various media. PDF Decades of Arguments - The Effects of Media Conglomeration - WordPress Sony is a multinational conglomerate that has a number of subsidiaries that operate in different markets. 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. Whether looking for information on programs, admissions, or financial aid, we're here to help. This has made many daily tasks easier for people, such as looking up a recipe or getting directions for a trip. Some conglomerates are able to utilize the synergies between their subsidiaries to create value for shareholders while some face difficulties in handling so many different businesses together. Technological convergence is the key element of media convergence. A conglomerate ( / knlm.r.t /) is a multi-industry company - i.e., a combination of multiple business entities operating in entirely different industries under one corporate group, usually involving a parent company and many subsidiaries. factions are organized and there are many factions inside the U.S. Multi-agency can be defined as the involvement of different corporations which works together to eliminate vital issues or problems in the society. Conglomerates are often composed of companies in different industries that operate in different parts of the world. Sometimes conglomeration can refer to a time period when many conglomerates . Difference Between Media Concentration And Conglomeration It is the image that tells us what is attainable in the vast cult of the self, what we should desire, what we should seek to become and who we are (Hedges, 4). 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. 1. Before mass media, you could live your entire life knowing nothing about the world outside of your village. In essence, owners no longer need to try to appeal to the widest possible audience in a single media format. Owned by media monopolist Rupert Murdoch, popular newspaper "The Courier Mail" is perhaps one of the most biased outlets of all popular newspapers. The Walt Disney Company, for example, is a media conglomerate that owns and operates businesses in the entertainment, parks, resorts, and consumer products industries. A conglomerate benefits the subsidiaries and the parent company by reducing business risks, sharing the resources and increasing its market share in several industries. People could easily access to the latest news and scoops of both hard news and soft news through television-news broadcasts to keep themselves updated with the occurring or happenings around the world. The research paper also helps to understand the different types of multi-agency and their activities in the process of operation. Examples of media convergence are all around us. Now, readers of these newspapers can comment on an article and express their opinion. The Heritage Foundation:The Myth of Media Concentration: Why the FCC's Media Ownership Rules Are Unnecessary. - Definition, Types, Influence & Examples, What Is Media Convergence? *Federal Communications Commission, Broadcast Station Totals as of September 30, 2016, on the internet as a PDF at. Conglomerates can also benefit from synergies. An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows: Quantity Price ($) Adults Children 5 15 20 6 14 18 7 13 16 8 12 14. However, there are times when such a firm grows to be unwieldy and inefficient. "Media conglomerates strive for policies that facilitate their control of the markets around the world." An error occurred trying to load this video. In short, the effect of mass medias influence is complicated. Diversifying into many industries or product lines may help an organization maintain a sense of equilibrium during these ups and downs. Diversification results when a company expands its business to areas that are outside its core functions. A conglomerate is sometimes referred to as an umbrella company, since it includes several different companies that have been combined together through takeovers or mergers (or both). We also have entertaining programs like music program on the radio and on the television. Media conglomerates such as Viacom, represents the historical and present ideas of consolidation and convergence. It has also been effective in using the synergies between its subsidiaries for saving on costs and gaining access to new markets and technologies. 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. Now, the entire world often sees and hears the same cultural influences. At its worst, its a way for a tiny minority to seize power over the vast majority. In that while global media has brought about several advantages or rather benefits to the world, there are notable consequences to it as well. 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. There are four specific effects that will be discussed. Media Literacy Examples & Skills | What is Media Literacy? A faction is basically a group of people who all agree upon the same thing and their point of view is different from other factions. Conglomerates can also be created when a company expands its operations into new markets or industries. As far as negative consequences go, fake news, pirating, and increased surveillance are among the most notable. Advantages of a Conglomerate Merger. Some of the ways through which companies conglomerate are-. Advantages and Disadvantages of Principal Communications Media The definition of technological convergence, as its name implies, is the convergence of previously separate physical technologies (print newspapers, television, CDs) into single devices. In the context of Anglo-America, domination could not be possible without the assistance of media which strives to expand its hegemony while fending off challenges and interventions from the very classes and groups it seeks to subjugate," (Split Image, African Americans in the Mass Media). Cultural Convergence is the way in which people experience cultural phenomena across a variety of different media platforms. Sony has been able to utilize the synergies between its subsidiaries to create value for shareholders. Totalitarian regimes have used mass media for nearly a century to control what their people believe. Why Conglomerates Get Formed Those involved in multimedia studies have been answering this question in different ways for many years. But in the long run by conglomeration both industries will profit off of it because they will be able to widen the spectrum of their companies which means that they will be able to produce more shows and movies at once. A successful conglomerate is a company whose parts are made up of several smaller independent companies that operate in various sectors. Is this kind of fraud an inevitable result of corporate expansion or can the profit motive that undergirds, Identify the answer that uses a compound sentence to combine the following two sentences.The girl wanted a dog.Her parents bought her a fish. These services have drastically changed the kind of media that people view and diversified and democratized the base of people producing this media.