The value and price of digital media commodities

Abstract

Focusing on the fact that digital media commodities are easily reproduced once initially produced, this paper explains, against the backdrop of Marxist insights, just how these commodities are produced, distributed, and consumed in the current digital media environment. Working with Marx’s definition of the value of commodities as the social labor time required for their production, we can thereby define the value and price of reproduced digital media commodities as zero, but the market price of these commodities as in fact constituting the Marxist monopoly price. These determinations are then supported by a review of the ways valueless digital media goods are commodified in a monopolistic real world. The approach here, borrowing from Marx’s research methods, starts from commodity analysis to explain comprehensively the wider political and economic system of capitalism. This viewpoint of the inherent value of media products is foreign to neoclassical economics as well as to mainstream media and communication studies embracing the utility theory of value.