Issues impacting the business of the media

Issues impacting the business of the media.

Political- One of the Political issues that has affected the media is the pressure to be more economically friendly. Reading a book or magazine on an E-reader or tablet saves paper and the costs of actually paying for and producing the book (although digital publishing execs say it is just as expensive to produce an E-book). But apart from saving trees it has also lead the media businesses to be innovative which has resulted in great advances in technology and has made people realise how beneficial owning a tablet, smartphone or laptop etc. can be for consuming media in an environmentally friendly and convenient way.  

Economic- Today’s economy is not great and people have very little money so what impact does this have on the Media Business? Well the best way media companies are going to make money is if they make as much content and products accessible to as many people as they can for as cheaply as they can and then throw loads of advertising all over it. By offering a product like an E-book at half the price and embedding it with advertisements, say two 30 second adverts at the end of each chapter, or every 30mins the reader would be happy to sit through these if they paid £5 instead of £10 for the book.     

Social- Today people have greater expectations of the business media than ever before. Information must be readily waiting at any given time. News must be immediate and books and magazines have to be more than just artifacts to be read; they must be interactive and engaging. In a world where nobody waits, readers demand the ability to at the click of a button have instant access to a book, a magazine a movie or music.

Technological- Technology has had a huge impact on the business media in recent years. The internet has allowed innovation to take a great leap for example Wikipedia has not only replaced the encyclopaedia but it has surpassed it in terms of usefulness, quality, timelessness and convenience (Mod, Craig (2012) “Post-Artifact Books & Publishing”.http://craigmod.com/journal/post_artifact/). Amazon changed the way we buy books, music, films etc. E-readers and tablets have changed how we access them. Facebook, MySpace and Twitter have changed as how a society we interact which in turn has created a grand place for advertisers to reach a global market, all without anyone leaving their desks.