Abstract
Evolution of economic thought propagated different theories to understand the money management and its subsequent measures so as to fill demand and supply. The economics horizon broadens to study micro and macro aspects of each industry. Now mass media emerge as industry, delivering goods and services to the consumers. As mass media have expanded and given scope to many key players to enter into this industry to take part in pivotal role like content creators, exhibitors and distributors. Media priorities and agendas are incessantly changing to the tune of the market requirements. Each media industry is working out to produce content with low investment and gain profit out of it. Any change in the regulation policy and technologies may affect the economic process of the media industry. This article laid emphasis on the importance of media industry, scope for research, prospects and challenges of micro and macro characteristics of media industry in India.
Highlights
Media economics is a term engaged to refer to the business transaction and financial activities of the organization producing and selling production into the various media industries
Media economics consists of studying the application of economic principles, concepts, and theories to study of macro and micro economic aspects of mass media companies [1]
Econometrics which requires mathematical knowledge to develop econometric model used in general economic literature, not familiar to media economics researchers who are from communication or journalism backgrounds
Summary
Media economics is a term engaged to refer to the business transaction and financial activities of the organization producing and selling production into the various media industries. (2015) Media Economics Study Prominence and Relevance in India. S. Md. Shameer nels (406 news & current affairs, 426 others), 245 FM (frequency modulation) radio stations, 179 community radio stations and 99,660 publications (news papers 13,761 and periodicals 85,899) registered with Registrar of Newspaper for India (RNI) [2], after Government of India initiative to relax foreign direct investment (FDI) pave the way to growth of media industry in India. There is enormous scope to study media economic aspects in relations to content, sources, media firm managing pattern, media products, influence of media regulations, polices, changing consumer taste & technology, cross media ownership, media man power hiring pattern, and global, national, and local competition in media firms. Micro economic aspects which study at global, national, local media market in relation to polices & regulations, where as micro economic covers supply and demand, explore consumer needs and wants, market structure, firm conduct and behavior
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