However, after considering the current state of global media ownership I am reconsidering my argument. It seems that there are fewer individuals and organisations that control 'the media', leaving media industries highly concentrated and dominated by a small number of organisations who dictate the media agenda.
Therefore, have we become oblivious to the oligopolies behind the media that have a stronghold on what we read, hear and see?
First of all, what is an oligopoly?
In the context of the media, Steven (2003, p. 41) defines an oligopoly as 'where a group of the largest companies control the industry'. Steven writes that oligopolies can tactically agree on standards, regulations, division of markets and even prices within the confines of the law (2003, p. 41). Whilst Steven (2003) argues that there are various economic and political benefits as a result of oligopolies there are also many negatives. In particular, the media organisations who dominate the media market can decide whether or not to suppress media items that don't serve their own agendas or monetary interests.
The clip above argues that the concentration of media ownership in the US has reached dangerous levels. The five companies listed above own more than 90% of the media holdings in the US which. Such market concentration results in these companies not only deciding what media we should consume but they also decide what media to leave out. It is arguable that it is what we don't see that is often the most important and we, the public, suffer as a result.
Therefore, when we consider the links between the media and globalisation and whether we are living in a 'global village' remember the oligopolies....
References:
Steven, P 2003, The no-nonsense guide to the global media,
New Internationalist, Oxford, pp. 37–59
