So as a media student we think that why Economic is important in media. For that we should first need to learn both separately. So we know that a Media is a communication channel through which we can share news, entertainment, education & data. On the other hand we also know that Economics is the factors that determine the production, distribution and consumption of goods and services.
Economics in media basically means applying all the theories of economics i.e. study of micro and macro economics in media. Economics in media helps us to understand a new relationship between economic and media producer, advertiser, audience and society. As a
Let’s take a simple example:
Imagine that you have to make a movie. So you need to know what film genre would be preferred by the audience? What would be the cost of the actors? What would be the production cost? Etc. For this Pre-Production activity we need to do analysis and analysis should be based on the economic theory. After Production of the film we need to know all the ways through which we can advertise our movie, making merchandise and creating digital contest and many more. Suppose after launch of your movie your movie become a blockbuster you need to figure out what was the total number of people who watched it in cinema. What was the total Box Office collection? How many DVD and CD’s were sold, how many people watched it on television and many other factors. For all the following process we need to study economics.
In the example it is clear that there is a relationship between Media and Economic and also why we need to study Economics in Media.
Thank You.
