Global media industry in postmodernism: Domination of broadcasting and the tradition of publishing

Abstract

The aim of this paper is to point out the changes brought by the postmodernism in the global media industry. Modernism was crated simultaneously with the development of the publishing and it lasted several hundred years. Postmodernism was formed in the womb of broadcasting and in just a few years it took over the global market which has been under the control of the publishing houses for several hundred years. The two economic crises at the beginning of the 21st century marked the entry of the global media industry into the mature phase. By entering the mature phase, the media markets of the most economically developed countries had stabilized. Revenues were no longer recording high growth rates and some countries have started to record a negative growth rates in the past five years. In the global market, several global vertically integrated corporations positioned themselves by employing the takeover strategies, which pushed out the smaller competitors from the market. The period of maturity had revealed the specifics of the media industry and the need for interdisciplinary scientific approach. Analyzing the development of certain categories of the medial industry in different geographic areas it is clear that threw are significant differences in the degree of their development. This was influenced by various factors of which the most important ones are recognized in the historical development and the cultural diversities of the certain geographical areas. Economies, as a scientific discipline, gave its significant contribution to the study of the media industry relatively late, at the end of the twentieth century and become an equal partner to other sciences that were already represented in the analyses. The media industry, as a typical representative of postmodernism, requires a holistic approach in order to find answers to the asked questions.