Through television and radio programs, people get to learn about health matters, environmental conservation, and much more. Another essential aspect of cultural convergence is the widespread use of social media. A significant offshoot of social media has been the rise of user-created content. If youre interested in mass media, there are plenty of opportunities to make this field a career. The two companies merged to form DowDuPont Inc. (DWDP), a new company that would be equally owned by shareholders of both firms. In 1962, the dispatch of a satellite offered access to overall news. Business is my passion and i have established myself in multiple industries with a focus on sustainable growth. Fiat Chrysler is a conglomerate that has a number of subsidiaries that operate in different markets. It has its advantages and, unfortunately it also has its disadvantages. Among all of the technologies, the one that has the most important aspect in peoples lives is the mass media. Global convergence is the globalizing influence of digital media, which allows cultures to affect one another around the globe through media. Diversification results in a reduction of investment risk. GE has a number of subsidiaries that operate in different markets. This gives the richand those connected to the richa far louder voice than the rest of us. Edition: 2nd ed. Creates a divide between those with access to computer technology and those without. Although Malaysia has the right to freedom of speech, the media are still being controlled by the government which restrict them to publish anything against the government. 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. "Editorials" (Nation)) Cultural Convergence is the way in which people experience cultural phenomena across a variety of different media platforms. The majority of conglomerates offer a variety of products and services that arent always connected. 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Riley College of Education and Human Sciences, College of Health Sciences and Public Policy, College of Psychology and Community Services. On the other hand, it has allowed fake news to spread, facilitated increased surveillance, and allowed for pirating of copyrighted material. Financial Conglomerates have very different compliance requirements from insurance or reinsurance solo entities or groups. It has become a major factor in the society as people are depending on it to accomplish specific tasks. There are an abundance of ways to obtain free flowing information that ultimately can be beneficial to our daily lives. 2023 Walden University LLC. The definition of technological convergence, as its name implies, is the convergence of previously separate physical technologies (print newspapers, television, CDs) into single devices. Media bias has a very large effect on society and most often in a negative way. Within the media industry, more ratings equal a higher profit. For example, a conglomerate may have a subsidiary that manufactures cars and another subsidiary that manufactures tires. Some of these effects are positive, especially as concerns convenience, accessibility, and access to information: Not all the effects of media convergence have been positive, however. San Francisco : Jossey-Bass. Advantages of Media Education: Media educates the mass. On one hand, media convergence has expanded access to media, simplified media production, and democratized the base of media producers through user-created content. When the media broadcasts negatively charged reactions between political journalists or politicians, their ratings go up. This is done by acquiring smaller companies that are not necessarily related to the corporations existing businesses. One of the most important disadvantages is that they can be very complex and difficult to manage. "Media conglomerates strive for policies that facilitate their control of the markets around the world." Similarly, an overall return will not highlight problems that may exist in some of the component companies, which may increasingly inhibit profitability. Conglomeration means a few large media companies own a large proportion of various media. This can be seen as an insurance policy for the parent company, as the performance of one subsidiary may offset the performance of another. Groups of people that hold a certain belief or have an idea different from other groups. From the effects of this merging media, a purely capitalistic society relentlessly forms, diminishing individual rights . What is the e Why does economics drive most media companies? 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? People get news daily through the media and this keeps them updated on the happenings around the world. 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. This can be done through economies of scale and particularly economies of scope. It has both positive and negative consequences. The argument can be made that, instead of appealing to the lowest common denominator in the public, at least some media should give the more informed and critical segment of the people what it wants (Lazere 305). Media convergence has had major effects on all sorts of media: entertainment media, news media, social media, etc. Thirdly and finally, it will give . 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. 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). Smartphones, tablet computers, smart televisions, and even automobiles now provide people with access to media content that was previously available only through separate channels. Some of the popular examples of multinational conglomerates are-. Anyway, it cannot be denied that conglomerates play a very important role in the economy of any country. 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). As a result, they have transferred a considerable amount of their delivery channels from print to online format. As a result, the conglomerate may find it difficult to respond to changes in the market. Malaysian has the right to freedom of speech which is guaranteed by Article 10 of the Constitution of Malaysia. Honeywell has been able to utilize the synergies between its subsidiaries to create value for shareholders. It has become easy for . In this study positive side of media is highlighted as well as negative effects. Economic convergence refers to the economic strategies widely adopted in response to technological convergence by media companies. Why Conglomerates Get Formed Conglomerates may also be created through joint ventures, which occur when two companies come together to form a new company that is jointly owned by both firms. A financial adviser who wants to recommend a risk-averse approach will inevitable talk about diversity and a diverse portfolio of investments. This includes television, radio, advertising, movies, internet, newspapers, and magazines. Excessive commercialization. Totalitarian regimes have used mass media for nearly a century to control what their people believe. A conglomerate can also show the growth of earnings, this is by acquiring companies who have shares that are more discounted then their own. 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. 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. Before mass media, art and culture were more localized, so they reflected diversity in how people spoke, dressed, and entertained themselves. Updated: People receive the latest news in a short time. Media corporations often employ multiple media formats, such as TV, print and the internet to enhance their offerings. That is not to say that digitization has been only a beneficial process. media can be organized? VI. Some of the advantages include minimal control by the government. The main objective of this research paper is to identify the working process and to recognize the challenges in the working mechanism. 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. If conglomerates control the mass media, and it is the people who decide what they want to see, then the control of the government is reduced. Also, read about its importance, pros, and cons. According to Lorimer et al, why does public policy "place a heavy emphasis on being able to exert national control over the broadcasting sector"? Technological convergence is the process by which one device, such as a smartphone, combines functions of a number of previously separate devices (newspaper, GPS, post office, etc.) 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. By becoming a diversified conglomerate across several industrial sectors, the parent company may reduce its exposure to single market risk. In recent years, rhetoric has triumphed over reality and the general public seem to remain unaware. However, global phenomena such as deregulation and globalisation have particular impacts on mass media and media content. Public Relations: Agency vs. This leads to an overall reduction in earnings. 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. . Only time will tell the true consequences of media convergence and whether the advantages or disadvantages prove more powerful. There are four specific effects that will be discussed. It consists of televisions, radios, newspapers and the internet. One advantage to media consolidation is the ability to provide more diverse offerings to the consumer. Examples of media convergence are all around us. Potato chips might be the first product offered by a food conglomerate. Economic convergence has three parts: digitization, conglomeration, and deregulation. By contrast, digital revenues on local websites have increased for many years, from MEG Annual Reports, various years. Diversifying into many industries or product lines may help an organization maintain a sense of equilibrium during these ups and downs. 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. A conglomerate can show earnings growth, by acquiring companies whose shares are more discounted than its own. Media conglomeration means that several media companies of different purposes combines together to form conglomerates. 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. However, there are times when such a firm grows to be unwieldy and inefficient. 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. The aforementioned two subsidiaries can help conglomerates to gain access to new markets and technologies. Here are a few of the pros and cons. The deal gave Exxon a controlling stake in one of the worlds largest undeveloped natural gas fields.
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