Media Industry Crisis
According to Professor Vincent Mosco, the media industry is in crisis primarily because it lost its monopoly on ad revenues with the expansion of the internet (Craigs list, etc.). Additionally, big companies took on now unmanageable debt to buy media properties. Moreover, media companies cut back on content, thereby losing audiences, or chose to focus on upscale audiences, which were the most likely to shift to the internet for news. Finally, media companies dealt with the crisis by cutting back on its most valuable resource, its creative professionals, in favor of part-time, temp, and freelance labor in order to save money. This led to further erosions in quality and in its audience.
Professor Vincent MoscoEmail: firstname.lastname@example.orgProfessor’s Mosco’s current research includes The Sociology of Communication and Information Technology, and the Political Economy of the Media.
To arrange an interview, please contact Jeff Drake at 613.533.2877 email@example.com or Stephanie Earp at 613.533.6000 ext. 79173 firstname.lastname@example.org, News and Media Services, Queen’s University.