Understanding the Media Economy
The first chapter of Albarran’s (2016) The Media Economy focuses on the various types of media firm ownership. Companies with multiple ownership types include privately held, publicly traded, government-owned, and nonprofit organizations. Different media ownership types may affect a company’s capacity to operate and create news and other content. Albarran uses Steven Spielberg’s The Post as an example to explain how each kind of ownership influences the film.
The Post is a historical drama that portrays the events leading up to and including The Washington Post’s decision to publish the Pentagon Papers in 1971. The film was produced by Amblin Partners, a private media business headed by Steven Spielberg, Jeff Skoll, and Reliance Entertainment. Since it is privately held, Amblin Partners is excluded from publicly disclosing its financial statistics. This gives the business privacy and control over its internal operations (Albarran, 2016). In the case of The Post, this meant that the filmmakers could make whatever aesthetic decisions they wanted without having to account for anybody else.
The Post is irrelevant when it comes to government-controlled media outlets. The film, on the other hand, tackles topics of governmental secrecy and censorship. The Nixon administration attempted to block the publication of the Pentagon Papers, which included secret documents from the Vietnam War. The film shows how damaging government persecution of the press can be in a free democracy. As with charitable organizations, The Post does not directly apply to them.
Nonetheless, the film can be seen as a model of public service reporting. The Washington Post’s decision to disclose the Pentagon Papers was an act of journalism that helped the public by exposing the government’s conduct in the Vietnam War. The Post is a work of historical fiction that aims to teach readers about a critical era in American history.
Furthermore, The Post does not apply to media outlets that were publicly traded on stock exchanges. However, it is essential to remember that publicly traded media outlets are under intense pressure from investors to prioritize profits over journalistic integrity. As a privately held corporation, Amblin Partners may prioritize artistic freedom and historical authenticity over profit (Albarran, 2016). To summarise, The Post is a film on the importance of a free press in a democratic society produced by a privately held media company. A piece of public service journalism that educates the public about a watershed point in American history, even if it has nothing to do with government-owned media or nonprofit organizations.
Theories and Approaches Used to Examine the Media Economy
Chapter 2 of Albarran’s The Media Economy goes into the structure and dynamics of the industry, including examinations of various media models and concepts. The cultural studies technique is thoroughly examined in this chapter since it is one of the most significant models discussed in the book. The Steven Spielberg film The Post, which investigates the ability of the media to shape public opinion and bring those in positions of power to justice, is a good case study.
The Post is a historical drama set in the early 1970s about how The Washington Post published the Pentagon Papers, a collection of classified government files that revealed deception about the Vietnam War. The film discusses the conflict when the government wants to regulate the flow of information while the press must keep the public informed. That is why a free and independent press is critical for democracy.
The cultural studies viewpoint emphasizes the media’s effect on current culture (Albarran, 2016). The media industry is more than just a collection of businesses; it is a complex organization that reflects and enforces societal values. The film industry, in particular, has a considerable effect on cultural narratives and public opinion. The film The Post demonstrates how media may be used to challenge accepted facts and provide a voice to the voiceless.
Chapter 2 is clear that the political economy model examines the media industry via the economic and political factors that influence it. According to this hypothesis, a few powerful businesses and individuals control the bulk of the media and use their power to influence what is reported and how it is covered (Conconi et al., 2019). This relationship is represented in The Post by the figure of The Washington Post owner Kay Graham. Following backlash from ad agencies and political allies, Graham hesitates to release the Pentagon Papers. However, she publishes anyway, emphasizing the importance of privately owned media in fostering debate and discussion.
Ultimately, The Post is a dramatic depiction of the media’s effect on society and culture. By analyzing the contradiction between government secrecy and the public’s right to know, the film underlines the need for a free and independent press in a democratic society. By shining light on the economic and political elements that impact media ownership and control, the movie warns against the dangers of media consolidation and centralized power.
Regulation and the Media Economy
Chapter 8 of Albarran’s The Media Economy is an excellent reference for an overview of the legal framework that governs the American media industry. The chapter focuses on how regulation in the media industries may affect pricing, distribution, and content development. Steven Spielberg’s film The Post demonstrates how these rules of the road have been used in the film industry. The film The Post portrays the real story of the Pentagon Papers, a confidential study on the Vietnam War commissioned by the U.S. government. The film sparks meaningful debate on press freedom, government oversight, and the impact of such scrutiny on the media.
The Motion Picture Association of America’s (MPAA) rating system is one regulation that influences the film industry. MPAA is a trade association representing the major Hollywood studios in the United States. The MPAA developed a grading system to further inform moviegoers and parents about a film’s suitability for their children. When determining the classification, the film’s profanity, violence, nudity, and drug use are all considered (Culbert, 2019). The film The Post was rated PG-13, which signifies it includes material that younger audiences should avoid.
The film industry is likewise subject to antitrust regulations. Antitrust law exists to protect consumers from overcharging and to enhance market competition. The Department of Justice (DOJ) is in charge of enforcing antitrust laws in the film industry. The DOJ has a long history of aggressively investigating antitrust breaches in film, mainly when large studios are involved. The DOJ enforcement operations have significantly impacted the film industry’s distribution and profitability.
The Post shows how government limitations on the media may have an impact. Despite legal threats, The Washington Post opted to publish the Pentagon Papers, as shown in the film, which recounts the Nixon administration’s efforts to hide the word of their existence. In light of this, the need for government regulation to protect journalistic independence is obvious. To summarise, The Post is a compelling example of government supervision’s influence on the media business. The need for regulation in encouraging competition and protecting journalistic freedom is underscored, while the perils of government overreach are highlighted.
References
Albarran, A. B. (2016). The media economy. (2nd ed.). Taylor & Francis.
Conconi, P., Facchini, G., Steinhardt, M. F., & Zanardi, M. (2019). The political economy of trade and migration: Evidence from the U.S. Congress. Economics & Politics, 32(2), 250–278. Web.
Culbert, D. (2019). American film policy in the re-education of Germany after 1945. The Political Re-Education of Germany and Her Allies, 173–202. Web.