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The Economics and Financing of Media Companies (1) / Edition 1

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Overview


The Economics and Financing of Media Companies is the first book to broadly apply business concepts and analyses to the understanding of the operations and activities of media firms and of the forces and issues affecting them.The book is a wide-ranging and general survey of the financial structures of various media companies, including their marketing and distribution systems. The author focuses on American companies but draws in European companies that own brands with which U.S. readers have familiarity. The author discusses product life cycles, as well as outside forces-such as the global and local economies, interest rates, trade barriers-that impact a company's financial health. This book draws upon current events and treats the most up-to-date information available, including a discussion of the AOL-Time Warner merger.
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Editorial Reviews

Booknews
Surveying the financial structures of American media companies, Picard (Turku School of Economics and Business Administration, Finland) explores how economic and financial forces influence the operation of media and communication firms. Writing for prospective managers in the industry, he introduces a managerial economics approach that looks at business concepts and their applications for making industry decisions. Chapters cover the life cycles of products and services, market and regulatory forces affecting media, the influence of the general economy, advertisers and advertising, market competition, capital markets, mergers and acquisitions, trade and globalization of products and services, and in dicators of economic and financial health. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780823221752
  • Publisher: Fordham University Press
  • Publication date: 5/1/2002
  • Series: Business, Economics, and Legal Studies Series
  • Edition description: 2
  • Edition number: 1
  • Pages: 270
  • Product dimensions: 8.90 (w) x 5.90 (h) x 0.50 (d)

Meet the Author

Robert G. Picard, author and editor of 22 books, is Hamrin Professor of Media Economics and Director, Media Management and Transformation Centre, Jonkoping University, Sweden, and a fellow at the Reuters Institute at the University of Oxford.

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Table of Contents

Preface
1 Media Firms as Business Entities 1
Commercial Media and the Theory of the Firm 3
The Roles of Profit and Return 4
Media Firms and Risk 6
Market, Financial, and Operational Characteristics of Media 9
2 Business Models, Workflows, and Value Chains in Media Firms 21
Media Products and Services 21
Life Cycles of Media 24
Business Models in Media 25
Workflows in Media Firms 26
Media Value Chains 30
Competitiveness 44
Sustainability 46
3 Economic Forces Affecting Media 48
Market Forces 48
Cost Forces 54
Cost Structures of Media Result from Effects of Economic Forces 59
Regulatory Forces and Intervention 69
Barriers to Entry and Mobility in Media Markets 72
4 The Influence of the General Economy on Media 81
Growth and Contraction of the Economy 81
Inflation 86
Interest Rates 92
Exchange Rates 94
Preparing for Economic Changes 97
5 Audiences and Consumers 102
Audiences 104
Consumers 112
Demand and Prices of Media Products and Services 116
Customer Satisfaction 118
Audience Substitution of Media and Communications 119
Strengthening and Stabilizing Audience and Consumer Relationships 120
6 Media, Advertisers, and Advertising 122
Why Advertising Exists 123
Differences among Advertisers and Their Strategies 125
Effectiveness of Different Media 127
Mechanisms of Advertising 128
Advertising Spending on Media and Media Products 131
Demand and Pricing of Advertising 132
Media Substitution by Advertisers 136
Media as Advertisers 137
7 Competition in Media Markets 139
Competition and Market Power 140
Product and Audience Differentiation Constrain Competition 142
The Role of Geographic Markets 143
Benefits of Competitive Advantages 146
Brands and Branding Aid in Competition 147
Competition among the between Media 149
8 Concepts in Media Financing and Financial Management 154
Understanding Financial Flow 156
Problems of Financing a New Firm or Product 156
Financing Continuing Operations 160
Credit Management 161
Cash Management Issues 167
9 Capital Markets and Media Firms 172
Wants and Needs of Capital Sources 172
Venture Capital Helps Fund New Companies and Expansion 174
Self-generated and Borrowed Capital Supports Most Existing Media 176
Stock Markets Support Large Media Firms 177
The Globalization of Media Capital 185
10 The Development of Large Media Companies 188
Growth Pressures and Strategies 193
Growth through Diversification 197
Growth through Mergers and Acquisitions 198
Growth through Joint Activities 201
The Pursuit of Synergies 204
Organization and Management of Large Firms 206
How Large Is Large? 209
11 Trade and Globalization in Media Products and Services 212
Trade in Media Products and Services 213
Barriers to Trade in Media Products and Services 218
Regional and Global Trade Agreements 222
Methods of Globalization 223
Patterns of Media Globalization 226
12 Indicators of Economic and Financial Health of Media Firms 230
Indicators of Economic Health 230
Indicators of Financial Health 231
Indicators of Company Internal Health 237
Glossary 251
About the Author 263
Index 265
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