How did the American media and entertainment industries decline
from their global ascendancy after World War II to their present
condition of instability and uncertainty? How will trends in the
delivery of information affect their future? These are some of the
questions Steinbock asks in this comprehensive, thoroughly
researched analysis. Starting with a description of shifts in the
U.S. economy and ending with the coming revolution in U.S. media
and entertainment--attributable to government policies, strategic
alliances, and technological convergence-- Steinbock's book is no
less than a Baedeker to all facets of these interlocked industries,
and a provocative critique to their stengths and weaknesses in the
world economy. Media and entertainment professionals will find
Steinbock's views challenging and cautionary. For academics in
schools of communication, the book will be a necessary source of
history, data, and analysis.
In the mid-1980s, America lost its global economic leadership.
The information revolution has added to uncertainty. Despite the
coming electronic superhighways, the future remains clouded in the
American media and entertainment industries. Steinbock's
comprehensive, thoroughly researched analysis is no less than a
Baedeker to all facets of these interlocked industries, and a
provocative critique of their strengths and weaknesses in the world
economy. The book opens with a discussion of the American economy
and its macro-affects on media and entertainment, vis-a-vis the
twin deficit, a stock market dominated by institutional investors,
troubled banking industry, deregulation and antitrust policies, as
well as the fourth national mergers and acquisition wave.
In Part I, Steinbock looks at broadcasting (tv, radio) and cable
(basic and pay, pay-per-view, home shopping), exploring the
former's winding fortunes and the latter's consolidation. Then, he
moves to examine the Hollywood studios and talent agencies and
their market multiplication: theatrical exhibition, home video and
syndication, theme parks, toys, video games, licensed merchandise,
record and music industry, newspapers, magazines, and books, as
well as interactive multimedia, from CD-ROM to virtual reality.
Each industry analysis inludes a full section devoted to all major
corporate players, from networks (Capital Cities/ABC, General
Electric/NBC, Loews Corp./CBS) and cable operators (TCI, Viacom,
Turner) to the studios (Time Warner, Paramount, Disney, News Corp.,
Sony, and Matsushita). In Part II, Steinbock discusses the coming
electronic superhighways and government-initiated policies that
have already had a significant impact on strategic alliances
(direct broadcast satellites, computers, Baby Bells, and long
distance carriers). The book concludes with an assessment of how
the technological, economic, and political convergence is
dramatically remolding the media, entertainment, computer, and
telco industries, not only in the U.S. but throughout the
world.
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