JEM 555: Seminar in Media Economics and New Technologies

Administrative Details

Meets: T5:05-7:45 Room: 264 Comm Bldg

Professor: Benjamin J. Bates

Office: 333 Com-UEB
Office Hours: T/Th 3:30-5 & by appt.
Phone: 865-974-4291
E-mail: bjbates@utk.edu
Fax: 865-974-5056
Home Page url: http://excellent.com.utk.edu/~bates

Official Course Description:

Electronic andPrint media ownership, finance and corporate structure. Roles of newtechnologies and marketing techniques in changing media content and function infuture.

Real Course Description:

This course surveysthe economic environment in which media operate, and discusses the forces thatshape media, market, and consumer behavior. Particular emphasis will be placed on the impact ofnew media technologies and how they are reshaping media and markets.

There will be three particular themes:

Historical trends in the impact of technology, and its implications for competition, concentration, and convergence in communication and society
An understanding of the economics of media, communication, and information, and the use of economic perspectives to understand media and market behaviors.
The impact of new technologies on media industry and media firms

Course Objectives:

The objective ofthe course is not to produce a trained economist or an engineer’s understandingof new information technologies, but rather to provide the student with thetools to apply an economic approach to media analysis, and an understanding ofhow technologies affect user and media behaviors. By the end of the term, thestudent should:

be able to apply basic economic concepts to the analysis of a media firm or industry,
become acquainted with emerging new media technologies and developing media,
be able to predict the impact of new technologies, or other marketplace changes, on existing media

Course Technical Requirements:

As a seminar, it isexpected that students will participate in the class discussions by askingquestions, making comments, and through presentations. It is thus imperativethat students come to the class prepared, having read the assigned material.

Term Paper (35%)

The term paper shouldbe a major research paper using an economic approach to examine the actual, orpotential, impact of some economic or technological factor on some mediamarket. The choice of medium and impact are the student's, although studentsshould discuss their ideas with the instructor, and inform him of their topic.The paper will be graded as a scholarly paper; thus, style and grammar areimportant, as is the development and support of any arguments and analysis. Thepaper should include a review of relevant literature and studies, theapplication of economic principles to the analysis of the chosen medium andfactor, and a well-reasoned analysis of the impact. Students will present theresults of their studies at the end of the term. The paper should be of aquality acceptable for an academic or professional conference presentation.

Projects (20% each)

Technology Impact.

Technology is rapidly changing media markets and operations. Inconjunction with the professor, select a technology and medium/market, researchthe latest information on the technology & market/medium, and write ananalytical paper (5-10 pages) predicting the impact of the technology on themedium/market. Students will also make a short presentation on thetechnology & impact to the class.

Firm/MarketAnalysis.

This project will focus on the practical application of economic approaches,and their application to the analysis of the viability/profitability of firmsand markets. Students will identify a media-related firm or market, gatherrelevant information, and make a judgment as to the wisdom of investing in thatmarket/firm. Write an analyst's report (5-10 pages) and give a shortpresentation to the class. You may use financial information services togather data and information, but you are expected to draw your owninterpretations.

Focused Assignments (15% total)

There will be several short written assignment presentedover the course of the term.

Class Participation (10%)

Again, as aseminar, students will be expected to contribute to class discussions.

Readings

Alexander, A., et al. (2004). MediaEconomics: Theory and Practice: 3rd Edition.Hillsdale, NJ: Lawrence Erlbaum Ass.

Bucy, Erik P. (2005). Living in the Information Age. 2^ndEdition. Belmont, CA: Thomson Wadsworth

Fidler, Roger (1997). Mediamorphosis. PineForge Press

Trade magazine in medium of interest.

Other readings will be announced in class and through class listserv andwebsite

Schedule (tentative)

May be revised toincorporate student interest, guest speakers, etc. Changes will be announced inclass and through listserv and website.

Week	*Topic*	*Assignment*
1, 2	Intro to Course, Overview of perspectives	Fidler 1-3 Bucy 1-2, Alexander 1
3	General Impact of Digital Technology	(Fidler-rest)
4	Media Markets: Convergence, Competition & Concentration	A: 3, 4; B: 3, 4
5-6	New Tech & Society	B: 5-8
7-10	New Tech & Media	A: 5-13; B (addl)
11-13	Issues for the Future: Media Economics, New Technology, and Social Policy	A: 2; B: 11-12
14, 15	Paper Presentations
	Final

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