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. One firm controls a significant portion of numerous small firms that operate independently in a conglomerate. And this can be a very good thing. Conglomerate (company) - Wikipedia According to Figure 1, only newspaper division has kept declining since 2007. Concentration of media ownership the absence of diversity. The definition of technological convergence, as its name implies, is the convergence of previously separate physical technologies (print newspapers, television, CDs) into single devices. Mass media can be divided into two categories, which is the print media include like newspaper, magazines, and books. 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. Berkshire Hathaway is another conglomerate that has a number of subsidiaries that operate in different markets. It is the backbone of a democracy; it makes us vigilant of numerous social, political and economic activities happening around the world. It consists of televisions, radios, newspapers and the internet. 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. On the internet, you can see all of the worlds artistic masterpieces or learn about the particularities of a culture far removed from your own. The use of multiple formats allows media companies to offer extensive additional information. 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. But is this a good thing? 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). Cultural. San Francisco : Jossey-Bass. 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. A conglomerate is a large, diverse company made up of many smaller businesses. 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. On top of that, we have daily newspapers, magazines targeting all kinds of readers, and, of course, the immeasurable breadth of the internet. Fake news, increased surveillance, and even political instability have been tied to transformations in the media content landscape. media conglomerates: Another disadvantage of conglomerates is that they may be less efficient than companies that are not . Control of the media is said to be in the hands of an autonomous managerial lite who allow a considerable degree of flexibility to media professionals. Conglomerates are less popular today, but were quite popular in the 1960s and 1970s. Conglomerates are often large and multinational . Media function as social control agents by gathering information, the media engage in surveillance of the social environment. Central Broadcasting System created Viacom in an effort to own cable television systems and to syndicate its own programs. 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. It has become a major factor in the society as people are depending on it to accomplish specific tasks. Some people think that this is a bad thing because so many things that are uploaded can be either false information or simply information that is misleading and could teach individuals the wrong thing. Media convergence is a transformative process. Walden University is an accredited institution offering an online BS in Communication degree program. What is the How will the print industry survive? 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. In a May 2003 article appearing on the Heritage Foundation, James Gattuso - a senior research fellow in regulatory policy - reports that the ability to own multiple television stations, for example, allows the owners to provide programming for niche markets on the different stations. Economic convergence refers to the economic strategies (digitalization, conglomeration, deregulation) which occur in response to the advent of these new technologies. Levinson uses satire to reveal the worst of human nature, yet aiming, as satire does, to appeal to the best in human nature. (Yeh. . Cameras, microphones, servers, computers and the necessary editing programs have significant costs more easily handled by a corporate entity than an individual owner. Media convergence is driven by the development of computer technology, such as smartphones. A conglomerate can also show the growth of earnings, this is by acquiring companies who have shares that are more discounted then their own. Honeywell is a multinational conglomerate that has a number of subsidiaries that operate in different markets. advertisers and government rather than to the public interest. This includes television, radio, advertising, movies, internet, newspapers, and magazines. Established industries, technologies, and standards have had to change drastically in response to computerization. Conglomeration advantages and disadvantages - Blogger Conglomerates also have a number of disadvantages. Music, film, television, and publishing industries have suffered economically due to copyright infringement and loss of audience. Conglomerate Diversification: Examples, Strategy, Meaning, Advantages The whole is often worth less than the sum of its parts. At its best, this is unfair. Direct medium of communication; 2. advantages of physical proximity and, usually, both sight and sound of sender and receiver; 3. allows for instant interchange of opinions views, attitudes instantaneous feedback; easier to convince or persuade; OC advantages contd 1. allows for contribution and participation from all present. It has both positive and negative consequences. Conglomerates also have access to new markets and technologies. In this study positive side of media is highlighted as well as negative effects. A. What Is a Conglomerate Business? 6 Global Conglomerates A financial adviser who wants to recommend a risk-averse approach will inevitable talk about diversity and a diverse portfolio of investments. By contrast, digital revenues on local websites have increased for many years, from MEG Annual Reports, various years. In general, the mass media simply means medium that gives out information. Many modern tabloids, twenty four hour news channels and other mainstream media sources have increasingly been criticized for not conforming to general standards of journalistic integrity. Global Convergence refers to the influence of media from different cultures spreading across the globe. This limitation of scope goes hand-in-hand with another benefit: improved quality. It is smartphones, computers, and other smart technologies which give people access to a wide variety of media at all times and in almost all places. Recently conducted studies examine e.g . Media convergence describes the process by which computer devices and digitalization bring together various media technologies. advantages in society, and have limitations restricting them or their rights. HARM than MERITS. In recent years, rhetoric has triumphed over reality and the general public seem to remain unaware. Professional Codes of Ethics in Public Relations, Advertising vs. Public Relations | Differences, Purpose & Overview, Power of Social Media: Consumerism & Trends | Why Social Media is Attractive. 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. There have been a number of negative and very impactful consequences of the restructuring of the media landscape: There are two sides to every coin, and media convergence is no exception. Dongfeng Motor has been able to utilize the synergies between its subsidiaries to create value for shareholders. Your email address will not be published. Smartphones, tablets, and other smart devices offer a plethora of services that used to only be available through various, unconnected technologies. Owned by media monopolist Rupert Murdoch, popular newspaper "The Courier Mail" is perhaps one of the most biased outlets of all popular newspapers. A legal entity may also be there as a company or organization that has a separate existence from its owners. Media conglomerates benefit during warfare, currently equaling seven years of more commercial airtime for Iraq updates. If youre interested in mass media, there are plenty of opportunities to make this field a career. How do you know what youre seeing or hearing from mass media is true? 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. Malaysian has the right to freedom of speech which is guaranteed by Article 10 of the Constitution of Malaysia. Top 8 Advantages and Disadvantages of Media - Yovak Cultural Show More Related Media Influence On Parliament 1256 Words | 6 Pages 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. Citizen Journalism: Advantages & Disadvantages. - 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). Cultural convergence is the way in which cultural output is affected by these developments, such as through trans-media storytelling and social media use. 12 chapters | Why does economics drive most media Companies? At its worst, its a way for a tiny minority to seize power over the vast majority. Are you or your spouse an active or retired U.S. military service member?*. This is because conglomerates usually have a number of different subsidiaries that operate in different markets. Hedges states, It is the electronic image that informs and defines us. For example, newspapers often offer digital versions with videos and weblinks. This is because the content of mass media is very powerful and it has become a agent of socialization which can shape peoples behavior or even influence the ways of how people think. One of the most important disadvantages is that they can be very complex and difficult to manage. Some conglomerates own a series of companies . A smartphone or tablet computer puts an entire library, a GPS, a telephone, and a postal service into the palm of the user's hand. I.,& Santa, M., (2014). Among all of the technologies, the one that has the most important aspect in peoples lives is the mass media. The people are considered to be the largest segment of the audience and that should be enough evidence for the media members to make the news tailor made for the viewing public. This is because different subsidiaries operate in different markets and empower the large corporation to further enter into other sectors and increase profitability. Within the media industry, more ratings equal a higher profit. How has Conglomeration Changed the Movie and Telev Conglomeration of the movie and television industry, Motion Industry and The Effects of Conglomeration. This trend has met with considerable resistance, but it does provide advantages as well as pitfalls. *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. Advantages and Disadvantages of Conglomerates - 2264 Words - EssayBizLab Let us have a look at some of the key benefits of conglomeration-. What is Meant by Piercing The Corporate Veil? Conglomerate Merger: A conglomerate merger is a merger between firms that are involved in totally unrelated business activities . 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. 3M is a conglomerate that has a number of subsidiaries that operate in different markets. 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. The involvement of ranges of professionals in an integrated way provides a strong platform which helps to attain a positive outcome for the young generation and the children. Small operations that compete with large operations often suffer for or go under from a lack of resources. There are two parts of the credit agreement, the 8-year term loan and the penny warrants. Media corporations often employ multiple media formats, such as TV, print and the internet to enhance their offerings. Cultural Convergence is the way in which people experience cultural phenomena across a variety of different media platforms. Similarly, an overall return will not highlight problems that may exist in some of the component companies, which may increasingly inhibit profitability. Consumers' choice & minimal government control. As a member, you'll also get unlimited access to over 88,000 Now, we are all connected. The girl wanted a dog; however, her parents, 0 (1 point) Listen In the case study, how is power and privilege demonstrated in relation to education? Diffusion & Effusion Formula & Differences | Graham's Laws of Diffusion & Effusion. Mergers and acquisitions are two ways to establish a conglomerate. Media outlets are thus the most pivotal institutions within society. 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. 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. People get news daily through the media and this keeps them updated on the happenings around the world. Deregulation refers to government deregulation over these companies' size and functions. 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. Only a few companies representing the interests of a minority elite control the public airwaves. Do you think they are good or bad for the economy? 14. Newspaper firms have started to search for online delivery channels so as to retain the young readers. Media convergence is the process by which multiple media technologies are brought together into one computerized device. Pure . In a sense, there is more honesty in journalism, but media still controls and manipulates peoples opinions, and is therefore just another iteration of World War II propaganda. In 1962, the dispatch of a satellite offered access to overall news. A Conglomerate merger is seen as a valuable move if the value of the two companies combined is more than they are valued . Course Hero is not sponsored or endorsed by any college or university. Technological convergence is also sometimes referred to as digital device convergence. 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. Different radio stations with the same music, The effect of deregulation on today's radio. Conglomerate Merger: Definition, Examples, Best Practices - DealRoom 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. The theory of synergy is often used to explain the benefits of conglomerate structures. In mid last century newspaper and magazine were the principle source of mass communications. 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. 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. 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. It is the image that gives us our identity. 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. "Media conglomerates strive for policies that facilitate their control of the markets around the world." A basic symmetry is seen to exist between media institutions and their audiences, since in McQuail 's words, the 'relationship is generally entered into voluntarily and on apparently equal terms '. United States [ edit] From the television and radio, we receive the news very fast and learn about many subjects like our health and environment. And this can be a very good thing. In the end, what are your thoughts on Conglomerates? In order to handle this, the corporation may sell off its holdings. 14 Steps to Buy a Business, C Corporation - Definition, Benefits and Disadvantages, What is Compliance? Three C's of Media Convergence: Content, Corporations & Computers, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Advantages and Disadvantages of Media Convergence, What Is Mass Media? Newspapers were still sought after and still utilized frequently. Websites and applications such as Facebook, YouTube, Twitter, and TikTok have seen unprecedented, explosive growth in the last decades. Faulty advertisement tactics: Drug and alcohol use appears cool in this medium, which can be harmful to a country's youth. Conglomerates can also benefit from scale economies. 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. As a result, the conglomerate can gain access to new markets and technologies through its subsidiaries and have many shareholders. The state of global mass communication today can be identified through a discussion of key concepts at play. By becoming a diversified conglomerate across several industrial sectors, the parent company may reduce its exposure to single market risk. Conglomerates can become so diversified and complicated that they are too difficult to manage efficiently. The difference in the working is mainly due to the difference in the. It has also been effective in using the synergies between its subsidiaries for saving on costs and gaining access to new markets and technologies. As far as negative consequences go, fake news, pirating, and increased surveillance are among the most notable. Conglomerates are usually formed via acquisitions, in which one company buys a controlling stake in another firm. 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. Citizen Journalism Overview & Examples | What is Citizen Journalism? A , 2012) It acts as powerful agents of socialization by transmitting societys cultural heritage and its basic system of norms and values. It is often argued that the existence of a democratic society necessitates the existence of information outlets whose duty is to provide the populace with authentic, unbiased and relevant material. What are the advantages and drawbacks of, allowing large conglomerates to control the mass media? Some positive consequences of media convergence are the simplification of media creation, the acceleration of media distribution, and the democratization of media production. Nevertheless, the issues will be addressed from the perspective of the media conglomeration in Malaysia. It decreases competition, commercializes the media, and opens the door to commercial interests' curtailing journalists' independence. 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. Cultural Convergence Overview & Examples | What is Cultural Convergence? Global mass communication: pros, cons and what drives it - Ryan Ruud Advantages of Media Education: Media educates the mass. Also, read about its importance, pros, and cons. The societies rely on mass media for information, entertainments and even communications. 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. 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. The enactment of the Multimedia and Communication Act 1998 strategises the local broadcasting industry for a positive and competitive future. There are more than 32,000 broadcast radio and TV stations in the U.S.,* along with hundreds of cable TV and satellite radio stations. From the effects of this merging media, a purely capitalistic society relentlessly forms, diminishing individual rights . People. It has been able to reduce costs and gain access to new markets and technologies by leveraging the synergies among its subsidiaries. Privacy, What Does A Non Profit PR Person Do and Why You Need One, Ultimate Checklist: How to choose a domain name for your business, How to Fuel Manufacturer Indirect Sales with a Digital Conversion Funnel, Level up your Startups go-to-market and User Research with These Tools, Inspire Business Growth With These 4 Books For Your Summer Reading List, Global mass communication: pros, cons and what drives it. Hi, I am an MBA and the CEO of Marketing91. These subsidiaries include Boeing Commercial Airplanes, Boeing Defense, Space & Security, and Jeppesen.