Entertainment and Media: Markets and Economics Professor William Greene 1:A - 1(12) Introduction Professor William Greene Department of Economics KMC, Rm.
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Transcript Entertainment and Media: Markets and Economics Professor William Greene 1:A - 1(12) Introduction Professor William Greene Department of Economics KMC, Rm.
Entertainment and
Media: Markets and
Economics
Professor William Greene
1:A - 1(12)
Introduction
Professor William Greene
Department of Economics
KMC, Rm. 7-90
212.998.0876
people.stern.nyu.edu/wgreene
[email protected]
people.stern.nyu.edu/wgreene/entertainmentandmedia/course.htm
Find link on NYUClasses
1:A - 2(12)
Introduction
Course Objective
Economics based examination
of the forces that shape the
entertainment and media
markets
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Introduction
Why “Entertainment Industry Economics?”
There Are Commonalities that Allow Conventional Economic
Analyses
Production concepts – the nature of production and supply, technological
change.
Market dynamics – market structure, market power, market outcomes.
Demand concepts – elasticity, consumer surplus, pricing.
There Are Unique Aspects of the Market
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Creative talent in production – the creator has a personal interest in the product.
Pricing decisions – many opportunities for strategic pricing.
Zero marginal cost, production vs. replication/distribution.
Relationship between buyer and seller – artists and fans.
Market complementarities shape market structures – winner take all markets.
Demand aspects are unlike conventional commodity markets.
Introduction
Segments of The Entertainment
and Media Market
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Movies
Television (Broadcast, Cable) and Radio
Theater
Publishing (Print, Electronic, Music)
Music
Sports
Art
Gambling
Electronic Games (Internet)
Amusement and Theme Parks
Hobbies
Social Media
Introduction
Analyzing The Experience Economy
Examine the entertainment and media business with conventional
economic tools
Demand: Nature and Source
Supply: Characteristics of Production and Distribution
Costs and Profits
Pricing: How prices are determined
“Value”
Market Outcomes: Structure, Prices, etc.
Note interesting special characteristics of the experience industry
Features of the demand
Aspects of supply and production
Examine specific markets: Art, Movies, Music, etc.
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Introduction
http://people.stern.nyu.edu/wgreene
/entertainmentandmedia/course.htm
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Introduction
Course Agenda
1: The Demand for Experience Goods
2: Supply. Production, Costs, Markets, Vertical Integration
3: Contracts, Boundaries of the Firms, Conglomerates,
Digital Entertainment Business Models
4: Intellectual Property: Laws, Movies, Books, Music
5: Markets: Sports, Art, Gambling, Theater, Publishing, etc.
6: TV, Print Media, Others
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