Synopses & Reviews
Review
"As deregulation loosens government controls and fosters the television industry's competitive spirit, uncharted issues face management in such areas as cable expansion, new networks, technological progress and marketing opportunities. Bruce Owen and Steven Wildman address these emerging situations and outline strategies to assist the industry in its adjustment to a greater freedom, while still preserving its primary role as purveyors of a free flow of information."
--George L. George, Back Stage Shoot"Video Economics is aimed at those for whom a fundamental understanding of the economics of the video industry is essential to their success in the industry: broadcasting, communication, journalism, cinema, and business students; advertising and media executives; and public policy makers. This book draws on its authors' backgrounds as academics, government officials, and consultants. Their wide-ranging experiences significantly enrich the 'real world' content of the work...The book is commendable for the depth that it provides, [and it] also is steeped with interesting facts and insights."
--Mark Zupan, Journal of Economic Literature"Video Economics is an ambitious book, and overall, I rate it to be a significant contribution to the literature and a good resource for students."
--David Waterman, Journal of Communication"Writing as economists, the authors argue for a video marketplace that is not only competitive, but offers the greatest potential for freedom of expression and a diverse exchange of ideas."
--Alan B. Albarran, Journalism QuarterlyReview
Video Economics is aimed at those for whom a fundamental understanding of the economics of the video industry is essential to their success in the industry: broadcasting, communication, journalism, cinema, and business students; advertising and media executives; and public policy makers. This book draws on its authors' backgrounds as academics, government officials, and consultants. Their wide-ranging experiences significantly enrich the 'real world' content of the work...The book is commendable for the depth that it provides, [and it] also is steeped with interesting facts and insights. Back Stage Shoot
Review
Video Economics is an ambitious book, and overall, I rate it to be a significant contribution to the literature and a good resource for students. Mark Zupan - Journal of Economic Literature
Review
As deregulation loosens government controls and fosters the television industry's competitive spirit, uncharted issues face management in such areas as cable expansion, new networks, technological progress and marketing opportunities. Bruce Owen and Steven Wildman address these emerging situations and outline strategies to assist the industry in its adjustment to a greater freedom, while still preserving its primary role as purveyors of a free flow of information. George L. George
Review
Writing as economists, the authors argue for a video marketplace that is not only competitive, but offers the greatest potential for freedom of expression and a diverse exchange of ideas. David Waterman - Journal of Communication
Synopsis
Video Economics is a rigorous yet accessible analysis of the economics and business strategies of the television industry. Owen and Wildman identify the complex chain of program producers, distributors, and retailers whose objectives are to obtain viewers in order to sell them to advertisers, to charge them an admission fee, or both. They address the major issues affecting competitive advantage in the industry as well as such concepts as public good, economics of scale, and price discrimination. With each topic they present the economic tools required to analyze the industry.
About the Author
Bruce M. Owen is the president of Economists Incoporated, Washington, D.C.
Steven S. Wildman is Associate Professor, Department of Communication Studies, Northwestern University.
Table of Contents
1. Introduction
- Basic Economics of Broadcast Television
- Players in the Industry
- Regulatory Reform
- The Notion of a Public Good
- Summary
2. The Supply of Programming
- Windowing
- Competition among Producers
- Foreign Markets
- The Competitiveness of Program Supply
- Summary
3. Traditional Models of Program Choice
- Steiner Models
- The Beebe Model
- Pay Television
- Summary
4. Modern Models of Program Choice
- Demand Analysis
- Welfare Analysis
- The Spence-Owen Model
- The Wildman-Owen Model
- Multichannel Programming
- New Directions in Program Choice
- Summary
5. Network Economics
- Network Basics
- Television News
- Regulation
- Risk Bearing
- The New Cable Networks
- The Decline of the Broadcast Networks
- The Future of the Broadcast Networks
- Strategic Options
- Summary
6. Cable Television
- Cable and the FCC
- New Program Services
- Bundling of Transmission and Content
- Natural Monopoly and Local Market Power
- The Effective Competition Standard
- No Case for Reregulation
- Price Elasticity of Cable Demand
- Competition from New Entrants
- Too Few Gatekeepers?
- The Issue of Access
- Monopsony Power
- Vertical Integration
- Regulatory Policy
- Local Broadcasters and Cable
- Telephone Companies and Cable
- Summary
7. Advanced Television
- Terminology
- Brief History
- The Economics of Standard Setting
- Television Standards
- Network Externalities
- Obstacles to ATV Adoption
- NTSC-ATV Compatibility
- The Importance of Compatibility
- Adoption Scenarios
- Policy Issues
- Summary