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Thanks to the business communication made possible by mass media, businesses can reach potential consumers faster and easier than ever before. An example of economic convergence is the large number of media mergers that occurred in the 1990s and early 2000s (Disney-ABC, Viacom-CBS, NBC-Universal, etc.). The state of global mass communication today can be identified through a discussion of key concepts at play. A smartphone exemplifies the three C's: a computer that allows every user to communicate with others by sharing content. Cultural Convergence Overview & Examples | What is Cultural Convergence? Try refreshing the page, or contact customer support. media can be organized? Public Relations: Agency vs. Sometimes conglomeration can refer to a time period when many conglomerates . How do you know what youre seeing or hearing from mass media is true? Cultural Show More Related Media Influence On Parliament 1256 Words | 6 Pages lessons in math, English, science, history, and more. Media convergence is driven by the development of computer technology, such as smartphones. Therefore, the main aim is to analyse and investigate the working mechanism and different models of multi-agency. Conglomerates may also be created when a company extends its operations into new product lines or services. Newspaper firms have started to search for online delivery channels so as to retain the young readers. Conglomerate Merger: A conglomerate merger is a merger between firms that are involved in totally unrelated business activities . In a conglomerate, it is vital to set up efficient systems to ensure productivity across subsidiaries to maintain productivity and profits. In the same way, one advantage of a conglomerate is that it is better equipped to retain a general position and be less affected by adverse fluctuations. Narrowcasting Background, Use & Examples | What is Narrowcasting? United States [ edit] Newspapers were still sought after and still utilized frequently. Mass media is communication whether written, broadcast, or spoken to reaches a large audience. Another essential aspect of cultural convergence is the widespread use of social media. Media has detrimentally influenced. 12 chapters | Hence, the term conglomeration refers to the procedure by which a conglomerate is formed when a parent firm starts to acquire subsidiaries. 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. Some of the popular examples of multinational conglomerates are-. Access to new markets and technologies, Business Markets Definition, Characteristics and Types, C Corporation Definition, Benefits and Disadvantages, Corporate Governance Definition and Principles, Top 15 Family Owned Businesses in the World. 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. Plus, get practice tests, quizzes, and personalized coaching to help you Media convergence is a transformative process. 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Riley College of Education and Human Sciences, College of Health Sciences and Public Policy, College of Psychology and Community Services. Whether looking for information on programs, admissions, or financial aid, we're here to help. 11) Beefing up media bias Hugh Zimmerbaum is a prospective PhD student in Slavic Languages and Literatures; After earning his BA degree in Literature with a concentration in Russian Studies in 2018, he spent two years as an EFL teacher in Russia. The new company, known as GE Alstom, was jointly owned by both GE and Alstom. Cultural Convergence is the way in which people experience cultural phenomena across a variety of different media platforms. There are two types of conglomerate mergers: pure and mixed. Conglomerates can also be created when a company expands its operations into new markets or industries. It also has been able to utilize the synergies between its subsidiaries that created value for shareholders. The two companies merged to form DowDuPont Inc. (DWDP), a new company that would be equally owned by shareholders of both firms. One potential way of maximizing returns is to form conglomerates, which are huge entities comprising many and different companies and types of businesses. It has come to our attention that media is changing since its origin. Diversification can, however, have disadvantages. Conglomerates can also be created through mergers, which occur when two companies of approximately equal size combine to form a new company. Why do economics drive most media companies? This includes television, radio, advertising, movies, internet, newspapers, and magazines. Media corporations often employ multiple media formats, such as TV, print and the internet to enhance their offerings. For example, in 2013, General Motors (GM) announced that it would be extending its Chevrolet brand into the bicycle market with the launch of a new line of electric bicycles. 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. Management costs increases due to size of the group Conglomerates have to face many accounting-related problems, for example, consolidation Media and governments are able to manipulate the social construct to control and impose political motives on society, bringing out the best and the worst of human nature. This limitation of scope goes hand-in-hand with another benefit: improved quality. The Heritage Foundation:The Myth of Media Concentration: Why the FCC's Media Ownership Rules Are Unnecessary. Investopedia: Conglomerates -- Cash Cows or Corporate Chaos. This is because conglomerates usually have a number of different subsidiaries that operate in different markets. By contrast, digital revenues on local websites have increased for many years, from MEG Annual Reports, various years. One firm controls a significant portion of numerous small firms that operate independently in a conglomerate. Some of the advantages are that there is diversification, which can result in the reduction of investment risk. The research methods that Sobieraj and Berry use within their argument are quantitative and qulalitative. I would definitely recommend Study.com to my colleagues. A conglomerate merger provides the merging companies with the advantage of diversification of business operations and target markets. People get news daily through the media and this keeps them updated on the happenings around the world. How will the Patient Protection, affect liability insurance costs? OC disadvantages 1 One of the most important benefits is that they diversify the risks associated with being in only one market. This has made it harder for media companies to control the news narrative, which has led both to expose new, true information to the public and the propagation of fake and manipulative content. The three C's of media convergence are computing, communication, and content. Series. Cultural convergence is the way in which cultural output is affected by these developments, such as through trans-media storytelling and social media use. Economic convergence has three parts: digitization, conglomeration, and deregulation. The Walt Disney Company, for example, is a media conglomerate that owns and operates businesses in the entertainment, parks, resorts, and consumer products industries. While diversity still clearly exists, there is the risk that mass media might reduce cultural variety, leaving us with less art and fewer inspirations. By submitting this form, I provide my signature, expressly consenting to calls, emails and/or texts regarding my educational options from Walden University and its affiliates and contractors using an automated dialing system to the number and email address provided. 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. 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. Advantages of a Conglomerate Merger. But along with conglomeration come many advantages and disadvantages. The obligation of the modern media and its journalists to perform sufficiently as the "fourth estate of democracy" - that is, the vital pillar in maintaining social equality - arguably stopped being fulfilled when media became privately owned. Why Conglomerates Get Formed Diversifying into many industries or product lines may help an organization maintain a sense of equilibrium during these ups and downs. All rights reserved. Pure . . This leads to an overall reduction in earnings. One example of a Conglomerate merger is the combination of Dow Chemical and DuPont, which was announced in December 2015. Now, we are all connected. Media conglomerates such as Viacom, represents the historical and present ideas of consolidation and convergence. Another mass media is the electronic media include like radio, television, and internet which is used by most of the people nowadays. Potato chips might be the first product offered by a food conglomerate. 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. The conglomerate can utilize the synergy between these two subsidiaries to save on costs. succeed. Media help to correlate or co-ordinate various parts of the social system by gathering and disseminating valuable information. Now, the entire world often sees and hears the same cultural influences. As much as mass media can connect us with people all over the world, it can disconnect us from the people right in front of us. If youre interested in mass media, there are plenty of opportunities to make this field a career. Advantages: Due to diversification, conglomerates can reduce their investment risk. It has both positive and negative consequences. The definition of technological convergence, as its name implies, is the convergence of previously separate physical technologies (print newspapers, television, CDs) into single devices. What is the How will the print industry survive? 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. Faulty advertisement tactics: Drug and alcohol use appears cool in this medium, which can be harmful to a country's youth. Media consolidation can raise quality levels of local programming. Financial Conglomerates have very different compliance requirements from insurance or reinsurance solo entities or groups. In nations described as authoritarian by most international think-tanks and NGOs media ownership is generally something very close to the complete state control over information in direct or indirect ways. Why are you taking this course? In particular, you should consider earning a BS in Communication. Groups of people that hold a certain belief or have an idea different from other groups. The emergence of a new, large media, Media organizations are seen as bounded organizational systems, enjoying an important degree of autonomy from the state, political parties and institutionalised pressure groups. Business industries are using it to increase business efficiencies. Now, readers of these newspapers can comment on an article and express their opinion. This is because conglomerates usually have a number of different subsidiaries that operate in different markets. Magic Bullet Theory Overview & Effects | Hypodermic Needle Theory. It educates people. Lack of focus, and inability to manage unrelated businesses equally well. The main objective of this research paper is to identify the working process and to recognize the challenges in the working mechanism. Monopoly. They do not have the freedom to express what they really want to which deprives them of their rights. Technological convergence is the key element of media convergence. Business is my passion and i have established myself in multiple industries with a focus on sustainable growth. For example, Berkshire Hathaway has been able to use the synergies between its subsidiaries to save on costs and gain access to new markets and technologies. However, in recent years the media has, like other agencies, come under the influence of politicians. In-House Departments | Functions, Pros & Cons, Understanding the Role of Books in Mass Communication, Issue Management Process | Public Relations Issues. Thus we can simply say that all this have given rise to cultural imperialism. Thus we can simply say that all this have given rise to cultural imperialism. Among all of the technologies, the one that has the most important aspect in peoples lives is the mass media. Smartphones combine numerous technologies which used to be available on separate devices: a computer, a watch, an alarm clock, a GPS, a newspaper, a credit card, etc. In the end, what are your thoughts on Conglomerates? 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). By contrast, conglomerate diversification is the product of two companies that have little in common coming together, which presents a unique set of advantages and disadvantages. Two final aspects of media convergence are organic convergence and global convergence. Global convergence is the globalizing influence of digital media, which allows cultures to affect one another around the globe through media. Economists warn that conglomerates may become too big to function properly. Organic convergence refers to the way in which one organism can consume multiple types of digital media at one time. For example, if Berkshire Hathaway's construction materials business has a good year, the profit might be offset by a bad year in its insurance business. In 1962, the dispatch of a satellite offered access to overall news. Media conglomerates benefit during warfare, currently equaling seven years of more commercial airtime for Iraq updates. Create your account. At its worst, its a way for a tiny minority to seize power over the vast majority. *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. Music, film, television, and publishing industries have suffered economically due to copyright infringement and loss of audience. For instance, when a tsunami strikes, people all over the world hear about it within moments and can mobilize immediately to help. Those involved in multimedia studies have been answering this question in different ways for many years. - 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). There are many services under the media sector which includes Newspaper, TV and radios are the main parts to the factor as their coverage spans over a wider area unlike pressure groups. Dongfeng Motor has been able to utilize the synergies between its subsidiaries to create value for shareholders. From the effects of this merging media, a purely capitalistic society relentlessly forms, diminishing individual rights . Smartphones, tablets, and other smart devices offer a plethora of services that used to only be available through various, unconnected technologies. To unlock this lesson you must be a Study.com Member. This is because a conglomerate is usually composed of a number of different subsidiaries that operate in different markets. Some of the popular examples of conglomerates around the world are. Media convergence is not one process but a number of different processes which occur simultaneously and influence one another. 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. Fiat Chrysler is a conglomerate that has a number of subsidiaries that operate in different markets. Media convergence has a number of serious effects on society. It has been contaminated by political influences. See also 10+ Advantages and Disadvantages of Technology. 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. . Central Broadcasting System created Viacom in an effort to own cable television systems and to syndicate its own programs. 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. The Article 10 allows all citizens the absolute freedom as not restricted by the government. As a result, the conglomerate can gain access to new markets and technologies through its subsidiaries and have many shareholders. Without mass media, we would have far less ability to understand how were all connected and how we all need each another. While some sources of information are far more trustworthy than others, mass media as a whole is vulnerable to propaganda and its lies. Survival of the Print Industry and Effects of Dema How will the print industry survive? The movie debuted on 22nd of December 1999, the movie length went on for 1 hour and 58 minutes. Cultural. The enactment of the Multimedia and Communication Act 1998 strategises the local broadcasting industry for a positive and competitive future. Recently conducted studies examine e.g . For example, smartphones can do the jobs which newspapers, GPS's, and telephones used to accomplish separately. Economic convergence refers to the economic strategies (digitalization, conglomeration, deregulation) which occur in response to the advent of these new technologies. At its best, this is unfair. James Gattuso, in the same May 2003 article, offers NBC, MSNBC and msnbc.com as an example of this phenomenon. English 103: Analyzing and Interpreting Literature, Environmental Science 101: Environment and Humanity, Psychology 105: Research Methods in Psychology, Create an account to start this course today. Over the years, technologies have been gradually advancing and have played an important role in todays fast growing societies. *Federal Communications Commission, Broadcast Station Totals as of September 30, 2016, on the internet as a PDF at. A newspaper company may begin by acquiring television and radio stations before purchasing book publishers. In general, the mass media simply means medium that gives out information. Moreover, technological convergence has seen the rise of social media journalism. A legal entity may also be there as a company or organization that has a separate existence from its owners. Many of these terms, such as globalization . Some conglomerates own a series of companies . 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. 3M has been able to utilize the synergies between its subsidiaries to create value for shareholders. Conglomerates are less popular today, but were quite popular in the 1960s and 1970s. The big-company sickness is referred to as this. Viacom, a leading global media company, was formed in the 1970s by Central Broadcasting System (CBS). Diverse media products alternative outlets offered by subsidiaries. Generally, mass media is a print and electronic means of communication that spreads messages to the audiences and carries out information to the people in the society. It decreases competition, commercializes the media, and opens the door to commercial interests' curtailing journalists' independence. Required fields are marked *. Personal Injury: Stunts portrayed in the media have led to severe injuries for some people who do them. (Yeh. Healthy market based competition is absent leading to slower innovation and increased prices. A , 2012) It acts as powerful agents of socialization by transmitting societys cultural heritage and its basic system of norms and values. Media Effects Theory, Beliefs & Influences | What is Media Effect? The perspectives and working style may be different for different multi-agency, however the core objective of the agency are centred on these three elements (Cheminais, 2009). Another disadvantage of conglomerates is that they may be less efficient than companies that are not . Why does economics drive most media Companies? Copyright 2023 IPL.org All rights reserved. Typographic Contrast Overview & Principles | What is Typographic Contrast? And because its bought, those with money can deeply influence what we see and hear. 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. These structures can create a capital market within the group to allow growth of the conglomerate. Conglomerates also have access to new markets and technologies. San Francisco : Jossey-Bass. Synergies are created when two businesses come together and create efficiencies or cost savings by sharing resources, ideas, or knowledge. Media convergence is a transformative process and has had major effects on people's lives and society as a whole. A media conglomerate or media group is a company that owns large numbers of companies in various mass media such as television, radio, publishing, movies, and the Internet. How has Conglomeration Changed the Movie and Telev Conglomeration of the movie and television industry, Motion Industry and The Effects of Conglomeration. Another disadvantage of conglomerates is that they may be less efficient than companies that are not conglomerates. Excessive commercialization. 84 lessons. This can be done through economies of scale and particularly economies of scope. Conglomerates can become so diversified and complicated that they are too difficult to manage efficiently. 3M is a conglomerate that has a number of subsidiaries that operate in different markets. 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. Conglomerates can also benefit from synergies. Sony has been able to utilize the synergies between its subsidiaries to create value for shareholders. On the concluding note, it can be said that conglomerates are the big business houses that have many subsidiaries working under them and conglomerates have their own pros and cons. Examples of media convergence are all around us. 3. Digital content can be easily pirated and leaked. Consumers' choice & minimal government control. One popular example of acquisition can be found in the energy sector. For example, newspapers often offer digital versions with videos and weblinks. 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. Nevertheless, the issues will be addressed from the perspective of the media conglomeration in Malaysia. factions can be small and others can be big, but each one is different. Each subsidiary business operates independently from the other divisions in the conglomerate, but the managers of those subsidiaries report to the senior management team at the parent firm that is responsible for overseeing the various businesses and making sure they are all performing well. Advantages of Media Education: Media educates the mass. Also a conglomerate can create internal capital market if one of the external companies are not developed fully. Berkshire Hathaway is another conglomerate that has a number of subsidiaries that operate in different markets. In mid last century newspaper and magazine were the principle source of mass communications. For example, a book distribution company and a book publishing company can combine together as one company with two services. Advantages And Disadvantages Of Cartels 712 Words | 3 Pages. It has also been effective in using the synergies between its subsidiaries for saving on costs and gaining access to new markets and technologies. The whole is often worth less than the sum of its parts. One of the most important disadvantages is that they can be very complex and difficult to manage. An international conglomerate is a conglomerate that operates in multiple countries through unrelated businesses. Are you or your spouse an active or retired U.S. military service member?*. The working in partnership the key element of multi-agency, therefore the working of the multi-agency is faces variety of changes, however the perspectives and approach of the agency is supported by the government to enhance social condition, education and health facilities (Atkinson, 2005). Levinson uses satire to reveal the worst of human nature, yet aiming, as satire does, to appeal to the best in human nature. On the other hand, it has allowed fake news to spread, facilitated increased surveillance, and allowed for pirating of copyrighted material. For example, a conglomerate may have a subsidiary that manufactures cars and another subsidiary that manufactures tires. With this definition in mind, a conglomerate merger is a merger that involves two firms from unrelated business industries and activities. One implication is that media economic research is mostly focused on media conglomerates like Bertelsmann, Disney, News Corporation, Time Warner and Viacom. 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). Advantages of Conglomerate Merger Diversification of Business Gain Synergies Utilization of Excess Cash Improves Customer Base Utilization of Human Resources Economies of Scale Disadvantages of Conglomerate Merger No Past Experience Shift in Focus Complication Governance Issue Horizontal Merger Vertical Merger Conglomerate Merger Concentric Merger

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