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Media Concentration in the Era of Digital Transformation. A Critical Economic Perspective and Implications for Media Policy

In: Die digitale Transformation der Medien

Author

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  • Paolo Sigismondi

    (University of Southern California)

Abstract

This chapter analyzes the phenomenon of media concentration in light of the changes ushered in by the digital revolution. Notwithstanding these significant changes, an economic analysis of the structure of the media industries reveals that these, far from being perfect markets, are dominated by a handful of very large players, unveiling concentrations in the new digital environment similar to the ones in the legacy media landscapes, albeit with different players. The chapter contends that the classical economic theory does not appear to be the most useful analytical tool to shed light on these dynamics, whereas the theoretical frameworks of increasing returns, path dependence and network effects better help explicate their evolutions. As a result, it is also argued that the media policy related to classical economic theory, laissez faire, is not the best available course of action either for regulating these sectors, essential to the free expression of our societies.

Suggested Citation

  • Paolo Sigismondi, 2022. "Media Concentration in the Era of Digital Transformation. A Critical Economic Perspective and Implications for Media Policy," Springer Books, in: Niko Alm & Paul Clemens Murschetz & Franzisca Weder & Mike Friedrichsen (ed.), Die digitale Transformation der Medien, pages 429-441, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-36276-8_20
    DOI: 10.1007/978-3-658-36276-8_20
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