Media Economics: Theory and Practice (Routledge Communication Series) Review

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Media Economics: Theory and Practice (Routledge Communication Series) ReviewUnbelievably dry and boring. Absolutely zero effort to make the experience even the least bit entertaining. The author goes to great lengths to make each sentence as wordy as possible (seemingly from an internal self-esteem issue that requires one to be as verbose as possible), as if vocabulary will cover up a lack of ability to convey a clear thought.Media Economics: Theory and Practice (Routledge Communication Series) OverviewMedia Economics: Theory and Practice focuses on the basic principles of economics in the business sector and applies them to contemporary media industries. This text examines the process of media economics decision making through an exploration of key topics, such as industrial restructuring, regulatory constraints upon media operations, and changing economic value, providing key insights into media business activities. With the structure and value of media industries changing rapidly and sometimes dramatically, this text moves beyond a basic documentation of historical patterns to help readers understand the mechanics of change, offering insight into the processes reproducing contemporary trends in media economics. Thoroughly updated in this third edition, Media Economics focuses on the primary concerns of media economics, the techniques of economic and business analysis, and the overall characteristics of the media environment; and explores contemporary business practices within specific media industries, including newspaper, magazine, television, cable, movie, radio advertising, music, and online industries. New for this edition are chapters on the advertising, book publishing, and magazine publishing industries. Chapters contributed by expert scholars and researchers provide substantial discussions of the crucial topics and issues in the media industry sectors, and emphasize both domestic and international businesses. Offering a thorough examination of the economic factors and forces concerning the media industries, Media Economics is appropriate for use as a course text for advanced media management and economics students. It also serves as an indispensable reference for scholars and researchers in media business arenas.

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The Big Picture: The New Logic of Money and Power in Hollywood Review

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The Big Picture: The New Logic of Money and Power in Hollywood ReviewThis is a very detailed and insightful book on the movie entertainment business. Epstein researched an enormous amount of proprietary financial information from the Motion Picture Association All Media Revenue Report (MPA). This is a report disclosed only to the studios that details movie earnings. It is unclear how Epstein obtained access to this proprietary data. Epstein leveraged this proprietary data into an incredibly insightful analysis of the movie-entertainment industry. Thanks to Epstein lively writing style the book is a quick read despite the volume of information provided.
The movie business is not an economically viable stand-alone business. Indeed, over 95% of the movies loose a ton of money at the Box Office even if they often generate hundreds of millions in such Box Office revenues. Movies have become extremely expensive advertising for a very risky long-term investment in an "intellectual property" right. The pioneer of such a business model was Walt Disney who fully grasped the possibilities of the ancillary businesses more than half a century ago.
Related ancillary revenues generated by videos, Pay TV, and Networks dwarf the revenues at the Box Office. While the major studios derived 100% of their revenues from Box Office in 1948, this percentage has continuously dropped to only 18% in 2003. Additionally, these ancillary businesses are almost all profits. The vast majority of the production costs have already been absorbed within the Box Office business.
However, a majority of movies still loose money when you figure the full life cycle of its "intellectual property." Epstein details throughout the book such a cycle for "Gone In 60 Seconds" with Nicolas Cage. At first, the movie seems a roaring success as it grossed $242 million in worldwide Box Office. But, when you figure the whole cycle, as of 2003 the movie including the ancillary businesses was still $150 million in the tank.
The reason movies still get made is because there are so many willing equity partners absorbing the brunt of the losses in financing movies. The studios survive because they are supported by their strong parent holding companies whose businesses are diversified in technology, news, media, and consumer products. The directors and stars make a fortune. And, the equity partners are the ones loosing their shirts.
After reading this book, one assesses that movie stars are the most overpaid human beings on the planet. In one single movie, they often make more money than sports stars make over their entire career (tennis or golf comes to mind). Even though some stars do attract the public, the underlying economics of their movies over the full cycle is not attractive. If it were not for equity partners making irrational investment decisions, the castle of cards would crumble.
The book also breaks or confirms many interesting myths. For one, Tom Cruise does not do his own stunts despite what you see in DVD bonus features. This is because insurers cover the risk that Tom Cruise will not be able to complete the shooting of the movie. The face of an actor is now digitized on to the body of a stuntman. So, when you see a close up of Tom Cruise jumping off a cliff it really looks like him. Another interesting concept is that movie theatres make more money from selling popcorn and sodas than from showing the movie. It is true! The movie represents foot traffic. The popcorn and sodas represent the high profit margin business segment they don't share with the studios.
There are a zillion more interesting facts mentioned within the book embedded in a coherent and very entertaining history of the movie business from its inception to nowadays. Thus, I strongly recommend this book.
The Big Picture: The New Logic of Money and Power in Hollywood Overview

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