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How will the Patient Protection, affect liability insurance costs? Perhaps the key one is that the specialist skills built up in the original company or group of companies may not be relevant in the newly-acquired entities. Many media corporations have developed cross-media content to adapt to this new technological reality. As a result, the conglomerate may find it difficult to manage all of its subsidiaries effectively. Potato chips might be the first product offered by a food conglomerate. It also has been able to utilize the synergies between its subsidiaries that created value for shareholders. Sometimes conglomeration can refer to a time period when many conglomerates . The movie debuted on 22nd of December 1999, the movie length went on for 1 hour and 58 minutes. Enrolling in a course lets you earn progress by passing quizzes and exams. Finally to increase learning among children researchers suggests that co-viewing of Parent and children should be promoted in families in Pakistan. The aforementioned two subsidiaries can help conglomerates to gain access to new markets and technologies. Cameras, microphones, servers, computers and the necessary editing programs have significant costs more easily handled by a corporate entity than an individual owner. Advantages of Media Education: Media educates the mass. People get the latest news in a very short time. This includes television, radio, advertising, movies, internet, newspapers, and magazines. Media has detrimentally influenced. We also have entertaining programs like music program on the radio and on the television. Conglomerates also have access to new markets and technologies. Cultural Convergence Overview & Examples | What is Cultural Convergence? Conglomerates can also be created through mergers, which occur when two companies of approximately equal size combine to form a new company. This is because diversity reduces risk, not only for unforeseen events, such as particularly adverse conditions in one sector or unexpected bankruptcy in one company, but also in the differing effects of the business cycle on individual businesses. This has made it harder for media companies to control the news narrative, which has led both to expose new, true information to the public and the propagation of fake and manipulative content. If you liked this article, we bet that you will love the Marketing91 Academy, which provides you free access to 10+ marketing courses and 100s of Case studies. Newspapers such as the NY Times, Denver Post and USA Today maintain websites, as do major magazines such as Time and Newsweek. Media convergence influences people's lives and society overall in countless ways. Today, there are many various sorts of more specialized conglomerates, ranging from manufacturing to media to food. Conglomerates are often large and multinational . Technological convergence is the key element of media convergence. 1. Media convergence is a transformative process and has had major effects on people's lives and society as a whole. Individuals frequently tuned in to get records of what is happening in the world, getting to know the current trends. The people are considered to be the largest segment of the audience and that should be enough evidence for the media members to make the news tailor made for the viewing public. One implication is that media economic research is mostly focused on media conglomerates like Bertelsmann, Disney, News Corporation, Time Warner and Viacom. In addition, numerous TV and radio programs devote themselves to exploring the world, offering us the chance to discover new things and new ideas, and enlighten ourselves in the process. Totalitarian regimes have used mass media for nearly a century to control what their people believe. Healthy market based competition is absent leading to slower innovation and increased prices. Advantages of Size As a conglomerate grows and acquires more companies, it can increasingly take advantage of the greater flexibility it has to develop newly-bought companies and increase their size and profitability. A significant offshoot of social media has been the rise of user-created content. Though many positive attributes exist in the media, there are inevitably negatives as well. By contrast, conglomerate diversification is the product of two companies that have little in common coming together, which presents a unique set of advantages and disadvantages. Websites and applications such as Facebook, YouTube, Twitter, and TikTok have seen unprecedented, explosive growth in the last decades. It is often argued that the existence of a democratic society necessitates the existence of information outlets whose duty is to provide the populace with authentic, unbiased and relevant material. Inertia prevents development of innovation. Weve all seen it or been a part of it: a group out to dinner where everyone spends much of the evening staring at their phones or gazing at a TV in the corner. As a result, the risks associated with being in only one market are diversified. From newspapers and radios to televisions and social networks, the various forms of media have provided the public with more knowledge and accessibility to information and connectivity to others than ever before. Required fields are marked *. In the same way, one advantage of a conglomerate is that it is better equipped to retain a general position and be less affected by adverse fluctuations. But in the long run by conglomeration both industries will profit off of it because they will be able to widen the spectrum of their companies which means that they will be able to produce more shows and movies at once. . This is because conglomerates usually have a number of different subsidiaries that operate in different markets. Doing so may also assist the parent company to save money on operational costs while at the same time requiring less manpower. In that while global media has brought about several advantages or rather benefits to the world, there are notable consequences to it as well. People. Economic convergence has three parts: digitization, conglomeration, and deregulation. Improved Quality Media consolidation can raise quality levels of local programming. A conglomerate benefits the subsidiaries and the parent company by reducing business risks, sharing the resources and increasing its market share in several industries. As the merging companies operate in distinct industries and/or markets, the merged company is less vulnerable to declines in sales in one industry or market. Hugh Zimmerbaum is a prospective PhD student in Slavic Languages and Literatures; After earning his BA degree in Literature with a concentration in Russian Studies in 2018, he spent two years as an EFL teacher in Russia. Another disadvantage of conglomerates is that they may be less efficient than companies that are not conglomerates. A successful conglomerate is a company whose parts are made up of several smaller independent companies that operate in various sectors. This limitation of scope goes hand-in-hand with another benefit: improved quality. Are conglomerates good for the economy? Which of the following is a possible consequence of the growing role of social media sites? Media help to correlate or co-ordinate various parts of the social system by gathering and disseminating valuable information. For example, a conglomerate may have a subsidiary that manufactures cars and another subsidiary that manufactures tires. Media convergence has a number of serious effects on society. Media convergence is a transformative process. People could easily access to the latest news and scoops of both hard news and soft news through television-news broadcasts to keep themselves updated with the occurring or happenings around the world. It is smartphones, computers, and other smart technologies which give people access to a wide variety of media at all times and in almost all places. Walden University is an accredited institution offering an online BS in Communication degree program. Today, the media has many vital roles in a modern democracy such as; political lies, reviling the truth to the public as well as helping to aid with the hypocrisy of the nation. Comment * document.getElementById("comment").setAttribute( "id", "ae2097044bcf4eadb3719e41bcea7d1f" );document.getElementById("i2e65971ac").setAttribute( "id", "comment" ); Copyright 2023 Marketing91 All Rights Reserved, Conglomerate Definition, Benefits and Examples, 22 Best Side Hustle Ideas (Online and Offline), How To Buy Into A Business? Commercially driven ultra-powerful mass market media is primarily loyal to sponsors i.e. Financial Conglomerates have very different compliance requirements from insurance or reinsurance solo entities or groups. With the help of television or radio shows, the mob discovers various facts about health affairs, environmental preservation, and many more topics of relevance. Media has very important roles to play in democracy such as; projecting the problems of the people to the public, and protecting the fundamental rights given in a Constitution. For example, Sony has been able to use the synergies between its subsidiaries to save on costs and gain access to new markets and technologies. That is not to say that digitization has been only a beneficial process. While almost all people experience major benefits from the convenient services offered by converged digitalized technologies, they also experience decreased levels of personal privacy and increased exposure to fake media content. On one hand, media convergence has expanded access to media, simplified media production, and democratized the base of media producers through user-created content. The argument can be made that, instead of appealing to the lowest common denominator in the public, at least some media should give the more informed and critical segment of the people what it wants (Lazere 305). In this advance era, mass media plays a significant role towards all of us and we can truly admit that mass media is one of the basic essenssial that used by everyone in their daily life. The working in partnership the key element of multi-agency, therefore the working of the multi-agency is faces variety of changes, however the perspectives and approach of the agency is supported by the government to enhance social condition, education and health facilities (Atkinson, 2005). It decreases competition, commercializes the media, and opens the door to commercial interests' curtailing journalists' independence. Some of the popular examples of multinational conglomerates are-. The Walt Disney Company, for example, is a media conglomerate that owns and operates businesses in the entertainment, parks, resorts, and consumer products industries. Also, read about its importance, pros, and cons. Media function as social control agents by gathering information, the media engage in surveillance of the social environment. It has also been effective in using the synergies between its subsidiaries for saving on costs and gaining access to new markets and technologies. In order to achieve the aforementioned aim of this essay I will focus on the following: limited-effects theory, two-step flow theory, attitude change theory and agenda setting. These media conglomerates exist in Europe, Asia and Latin America. Smartphones, tablet computers, smart televisions, and even automobiles now provide people with access to media content that was previously available only through separate channels. A conglomerate is sometimes referred to as an umbrella company, since it includes several different companies that have been combined together through takeovers or mergers (or both). In essence, owners no longer need to try to appeal to the widest possible audience in a single media format.