When exploring the concept of political economy, it is necessary to consider the production of media texts in the context of the “social conditions under which it takes place” (Long and Wall, 2009, p. 172). Ultimately, it is a way of examining the power and control that various parties have in dictating the nature of media products.
The media commonly operates a free market, governed more so by supply and demand than regulations, and thus, the audience plays an important role in dictating the content that they want. As revenue is created either directly from audiences or from advertisers who focus on reaching as large an audience as possible, the financial success of a product and a company depends on whether or not the audience purchases or engages with the media text. However, this can cause products to become similar – film companies often use famous actors to entice an audience to control the uncertainty. This suggests that the power with the audience, as they can dictate the content that they would like to receive.
This is not necessarily the case. Natalie Fenton suggests that “political economy views the media as promoting the dominant ideology of the ruling classes” (Fenton, 2007, p. 8). This can be evident in the way that companies collaborate to increase profits, through synergy. An example of this is the release of a film. Songs from the film’s soundtrack are featured in music videos that also contain clips of the film. Through this, the film promotes that particular artist and the song promotes the film. In a similar way, magazine interviews that feature stars of the film increases the demand for the magazine but also the popularity of the film. Furthermore, films are invariably advertised on television – this generates interest in the film but also revenue for the television companies.
Cost of media production can be high if mass-market success is to be ensured. It is often the larger companies that profit from this – the rich simply get richer. Few companies are able to saturate the market and buy out the smaller companies through monopolies (where one controls entire market) or oligopolies (where a companies dominate the market). Social media is a prime example of this, as Facebook, Twitter and Instagram dominate the market and Facebook’s recent purchase of Instagram reinforces this even further. The way that photographs are taken and shared is seemingly user-centred, but is dictated by the big companies. Whilst the audience may feel like they are in control of what they consume “media production has been increasingly commandeered by large corporations and moulded to their interests and strategies” (Fenton, 2007, p. 11).
Further research could be conducted into the ways that photography has evolved through the emergence of new media, exploring the relationship between the increase of ‘smartphone photography’ and the ways that this market pull has influenced the success of companies such as Instagram.
Bibliography
Fenton, N. (2007) ‘Bridging the Mythical Divide: Political Economy and Cultural Studies Approaches to the Analysis of the Media’, in Devereux, E. Media Studies: Key Issues and Debates. United Kingdom: Sage Publications Ltd.
Long, P. and Wall, T. (2009) Media Studies: Texts, Production, and Context. United Kingdom: Pearson Longman.