In what ways are the basic rules of media economics changed by the Essay

In what ways are the basic rules of media economics changed by the digital revolution and in what ways do they remain the same - Essay ExampleDigital revolution has effected cost decline by replacing analog into binary representation of ones and zeroes, felicitating multiple generations of copies similar to the original. Digital revolution goes remote beyond multimedia applications of storing all information in a binary digital format. The horizon of digital revolution has expanded to the extent of putting an end to privacy, to quote the example of Walmart labeling all its products with RFID tags, causing perplex to the privacy groups.Hoskins, McFadyen and Finn of University of Alberta catch very appropriately and forcefully taked links between media and communication in their rule book Media Economics Applying Economics to New and Traditional Media. They have reasoned with arguments on questions like the Internet bear on the information-rooted entertainment and cultural prod ucts how is broadcasting generally regulated and often supported, segregating newspaper publishing from it. Media economics rules have taken different moulds as multi-faceted aspects of digital revolution unfold. On the basis of microeconomic principles and concepts, it peeps into media industries to discuss and analyse topics in the resulting media environment.In media industries, demand and supply of products is affected by their variables. When packet switching to circuit networks is diligent for the Internet, the economies of scale work to give competitive advantage to US in comparison to other countries and on top of that the mergers of entertainment industry such as Disneys sciences of Miramax and ABC, AT&Ts acquisition of the cable company TCI happen. Digital revolution through the medium of the Internet affects the supply of media goods and services. The time has obtain when possessing a commercial television-broadcasting license is like having a license to print your own money Braddon, 1965, p. 240 here comes the all-important role of digital technology in affecting the demand of media