Econ 101 1st Edition Exam 2 Study Guide Lectures 10 18 Lecture 10 Commodity when products are all very similar and the differentiating characteristic is in price uniform in quality driven by price Breaking News sudden compelling news event covered immediately by reporters Enterprise a story pulled from a source that was developed through a specific area of coverage beat source Beat specific focus a reporter specializes in ex police beat or government Gatekeeping reporter chooses what to focus story on and the determines what information is important to display a certain message Information Subsidies press release press conference Pseudo Event press conferences press releases An event with the soul purpose to attract attention Agenda Setting media doesn t tell us what to think they tell us what to think about the way in which the media shapes stories to express what is and isn t important First level agenda setting issue presented what the media presents Second level agenda setting attributes of issues how the public thinks about the issue the way the topic is covered influences how people interpret the news item or the frame which the public sees the news Third level agenda setting networks of issues or attributes the way attributes of a story paint a picture to the viewer ex attributes connect as story unfolds Intermediate Agenda Setting media influences other media similar to how media influences the public agenda ex journalist are most influenced by other journalists New York Times Affect Lecture 11 Page One Inside the New York Times Struggle of NYT to survive this new internet age NYT has build partnerships with web based organizations Hired former drug addict David Carr who defends the paper s reputation from bloggers trying to hurt it New York Times Affect most major news stories of other newspapers can be traced back to the NYT NYT competitors Gawker Wikileaks Apply 7 news values to the NYT 7 NEWS VALUES 1 Timeliness immediacy how long ago did the story happen a Online past 1 hour b Newspaper past day c Television since last news cast 2 Impact intensity how the story affects people people affected 3 Currency timeliness impact is story being talked about a week later ongoing nature 4 Conflict most common news value 5 Proximity location whether the story hits home 6 Prominence high ranking members of society get more coverage 7 Novelty emotion human interest story out of the ordinary unusual Lecture 12 Gatekeeping bridge between how we construct news and the economics of how we construct it Newspapers make decisions based on beliefs interests of imaginary members Television producers view interest importance visual quality Online algorithms Social Media we are our own gatekeepers Lecture 13 Dual Product Model 2 sided market Creates content for sale to consumers Sells mass audience to advertisers Media firm produces content to attract an audience Advertisers put commercials on ABC during the time of a popular so that many tv watchers will see their ad Market Model Private company selling products Purpose generate profits Public interest determines what is important popular Accountable to owners Encourage people to enjoy themselves and buy products via ads Regulation is seen as interference Criticisms 1 people treated as consumers not citizens 2 Economic not civic benefits 3 Toaster with pictures Public Sphere Model Publically owned exists through tax and government serves the public Purpose promote citizenship Public Interest is for good content even if unpopular Accountable to the public and government representatives Encourage learn more about the world and live as active citizens Regulation useful to protect public interest Horizontal Integration conglomerate owns several media outlets across marketplace radio owning 6 different outlets Journalism example Hearst Corporation owns newspapers magazines television and radio stations Can cross promote media this was Non Journalism Example Kelloggs General Mills own a majority of cereals Vertical Integration Conglomerate owns companies up and down chain of production distribution Journalism example Disney owns Pixar ABC can air Disney through this and also owns studios to film the movies and produce Or a newspaper owning paper mills and presses Non Journalism Exxon with Mobile oil production refining distribution Lecture 14 Diverse monopoly few owners high product diversity Homogenized monopoly few owners low product diversity Diverse competition many owners high product diversity Homogenized monopoly few owners low product diversity Lecture 15 Economics of Print Digital News First Copy Costs fixed cost of packaging and preparing information for print original cost of production Reproduction Costs marginal costs cost of reproduction Baseball Playoff Example It s unprofitable for the home team newspaper to make it to the playoffs First copy costs rise due to extra expenses travel overtime Reproduction costs rise due to additional copies of paper printed Circulation revenue rises but not enough to cover extra costs How does this differ from a website First copy costs rise but reproduction costs do not because of low expense of digital distribution 3 Kinds of Media Content Mass Market cost extremely high Hollywood Effect New York Times or t v anchor Specialized cost high local news User generated content cost free facebook or youtube 2 Kinds of Distribution Physical newspaper magazine book DVD CD high reproduction cost Digital website iTunes Netflix 0 reproduction cost Innovation Sustaining Innovation company improves product so that people continue to purchase it and can charge more Distributive Innovation new less expensive product lower quality Lecture 16 Hard paywall minimal or no content shown without paying Soft paywall more flexible in what can be accessed Nonprofit News Model support of listeners and online readers attract donations use social media websites newsletter to create social value foundations donors sponsors used to create economic value Hyperlocal Journalism intense focus on locality community news may focus on single issue Lecture 17 Print first Model website is a repurposed version of a newspaper Interim Model breaking news posted immediately Digital First Model interactive through social media Website Content Model next step model storytelling emphasizes strengths 3 Kinds of Aggregation Copy Paste headlines copy beginning of story links to sources Public Service links to useful information Storytelling more