Chapter 7: The Economics of Television and Online Video Markets
by David Stromberg, Joel Waldfogel, Simon P. Anderson
Handbook of Media Economics, vol 1A
- Front Cover
- Handbook of Media Economics
- Copyright
- Introduction to the Series
- Contents (1/2)
- Contents (2/2)
- Introduction
- Contributors
- Acknowledgment
- Dedication
- Part I: Media Market Structure and Performance
- Chapter 1: Preference Externalities in Media Markets
- 1.1. Introduction
- 1.2. Fixed Costs and Heterogeneous Preferences
- 1.3. Theory (1/4)
- 1.3. Theory (2/4)
- 1.3. Theory (3/4)
- 1.3. Theory (4/4)
- 1.4. Empirical Results: Facts Relevant to Predictions from Theory (1/2)
- 1.4. Empirical Results: Facts Relevant to Predictions from Theory (2/2)
- 1.5. Technological Change, Fixed Costs, and Preference Externalities
- Acknowledgments
- References
- Chapter 2: The Advertising-Financed Business Model in Two-Sided Media Markets
- 2.1. Introduction
- 2.2. Cast of Characters
- 2.3. Equilibrium Analysis of Single-Homing Viewers/Readers/Listeners/Surfers (1/4)
- 2.3. Equilibrium Analysis of Single-Homing Viewers/Readers/Listeners/Surfers (2/4)
- 2.3. Equilibrium Analysis of Single-Homing Viewers/Readers/Listeners/Surfers (3/4)
- 2.3. Equilibrium Analysis of Single-Homing Viewers/Readers/Listeners/Surfers (4/4)
- 2.3.1. The Ad Revenue/Subscription Revenue Balance
- 2.3.2. Representative Consumer Models
- 2.3.3. Competitive Bottlenecks
- 2.3.4. See-Saw Effects in Media Markets
- 2.3.5. Heterogeneous Ad-Nuisance Costs, Price Discrimination, and TiVo
- 2.3.6. Market Failures in Advertising Finance
- 2.3.7. Alternative Equilibrium Concepts: Price Versus Quantity
- 2.3.8. Consumer Information
- 2.3.9. Nonlinear Tariffs and Insulated Equilibrium
- 2.4. Multi-Homing Viewers/Readers (1/3)
- 2.4. Multi-Homing Viewers/Readers (2/3)
- 2.4. Multi-Homing Viewers/Readers (3/3)
- 2.5. Equilibrium Genre Choices (1/2)
- 2.5. Equilibrium Genre Choices (2/2)
- 2.6. Further Directions
- Acknowledgments
- References
- chapter 3: Empirical Modeling for Economics of the Media: Consumer and Advertiser Demand, Firm Supply and Firm Entry Model ...
- 3.1. Introduction
- 3.2. Audience Demand (1/3)
- 3.2. Audience Demand (2/3)
- 3.2. Audience Demand (3/3)
- 3.3. Advertiser Demand
- 3.4. The Supply Side: Choice of Prices, Ad Quantity, and Other Continuous Characteristics (1/2)
- 3.4. The Supply Side: Choice of Prices, Ad Quantity, and Other Continuous Characteristics (2/2)
- 3.5. The Supply Side: Positioning and Entry
- 3.6. Future Challenges
- References
- Chapter 4: Advertising in Markets
- 4.1. Introduction
- 4.2. Search and Advertising (1/4)
- 4.2. Search and Advertising (2/4)
- 4.2. Search and Advertising (3/4)
- 4.2. Search and Advertising (4/4)
- 4.3. Product Advertising (1/5)
- 4.3. Product Advertising (2/5)
- 4.3. Product Advertising (3/5)
- 4.3. Product Advertising (4/5)
- 4.3. Product Advertising (5/5)
- 4.4. Advertising as a Signal (1/2)
- 4.4. Advertising as a Signal (2/2)
- 4.5. Advertising Technology (1/2)
- 4.5. Advertising Technology (2/2)
- 4.6. Advertising that Might Not Inform (1/3)
- 4.6. Advertising that Might Not Inform (2/3)
- 4.6. Advertising that Might Not Inform (3/3)
- 4.7. Closing Comments
- Acknowledgments
- References
- Chapter 5: Recent Developments in Mass Media: Digitization and Multitasking
- Chapter 6: Merger Policy and Regulation in Media Industries
- 6.1. Introduction
- 6.2. Price and Quantity Effects of Mergers in Two-Sided Markets (1/2)
- 6.2. Price and Quantity Effects of Mergers in Two-Sided Markets (2/2)
- 6.3. Mergers and Platforms Choice of Genres (1/2)
- 6.3. Mergers and Platforms Choice of Genres (2/2)
- 6.3.1. Maximum Versus Minimum Differentiation
- 6.3.2. Steiner (1952): Mergers May Reduce Duplication of Genres
- 6.3.3. Consumers Have Second Preferences
- 6.3.4. Advertising Effect Differs Between Genres
- 6.3.5. Dual Source of Financing: Charging Both Users and Advertisers
- 6.3.6. Imperfect Competition in the Product Market
- 6.3.7. Multi-Homing Consumers: Competition for Advertisers
- 6.3.8. Limits on Ownership Concentration and Media Bias
- 6.3.9. Empirical Evidence
- 6.4. Merger Control in Media Markets (1/3)
- 6.4. Merger Control in Media Markets (2/3)
- 6.4. Merger Control in Media Markets (3/3)
- 6.5. Concluding Remarks
- Acknowledgments
- References
- Chapter 1: Preference Externalities in Media Markets
- Part II: Sectors
- Chapter 7: The Economics of Television and Online Video Markets
- 7.1. Introduction
- 7.2. The Television Industry (1/5)
- 7.2. The Television Industry (2/5)
- 7.2. The Television Industry (3/5)
- 7.2. The Television Industry (4/5)
- 7.2. The Television Industry (5/5)
- 7.3. A Simple Model of the Television Market (1/2)
- 7.3. A Simple Model of the Television Market (2/2)
- 7.4. Extensions to the Simple Model: "The Four Bs" (1/4)
- 7.4. Extensions to the Simple Model: "The Four Bs" (2/4)
- 7.4. Extensions to the Simple Model: "The Four Bs" (3/4)
- 7.4. Extensions to the Simple Model: "The Four Bs" (4/4)
- 7.5. Open Policy Issues in Television Markets (1/2)
- 7.5. Open Policy Issues in Television Markets (2/2)
- 7.6. Online Video Markets (1/2)
- 7.6. Online Video Markets (2/2)
- 7.7. Conclusions
- Acknowledgments
- References
- Chapter 8: Radio
- 8.1. Introduction
- 8.2. A Brief History of the Radio Industry in the United States (1/2)
- 8.2. A Brief History of the Radio Industry in the United States (2/2)
- 8.3. Data
- 8.4. The Effects of Industry Consolidation on Market Outcomes: Theoretical Considerations
- 8.5. Empirical Evidence on the Effects of Ownership Consolidation in Radio (1/4)
- 8.5. Empirical Evidence on the Effects of Ownership Consolidation in Radio (2/4)
- 8.5. Empirical Evidence on the Effects of Ownership Consolidation in Radio (3/4)
- 8.5. Empirical Evidence on the Effects of Ownership Consolidation in Radio (4/4)
- 8.6. Excess Entry
- 8.7. Strategies for Retaining Listeners
- 8.8. Non-commercial Radio and the Effects of Competition Between Non-commercial and Commercial Broadcasters
- 8.9. Effects of Radio on the Music Industry, and Cultural and Political Outcomes (1/2)
- 8.9. Effects of Radio on the Music Industry, and Cultural and Political Outcomes (2/2)
- 8.10. Conclusions
- Acknowledgments
- References
- Chapter 9: Newspapers and Magazines
- 9.1. Introduction
- 9.2. An Overview of the Print Media Industry (1/2)
- 9.2. An Overview of the Print Media Industry (2/2)
- 9.3. Market Structure in Newspapers and Magazines (1/2)
- 9.3. Market Structure in Newspapers and Magazines (2/2)
- 9.4. Newspapers and Magazines as Two-Sided Markets (1/2)
- 9.4. Newspapers and Magazines as Two-Sided Markets (2/2)
- 9.5. Advertising in Newspapers and Magazines
- 9.6. Antitrust Issues in Newspapers and Magazines (1/2)
- 9.6. Antitrust Issues in Newspapers and Magazines (2/2)
- 9.7. Print Media and the Internet
- 9.8. Thoughts for Future Research and Conclusions
- Acknowledgments
- References
- Chapter 10: The Economics of Internet Media
- 10.1. Introduction
- 10.2. Media and Advertising on the Internet: Some Facts (1/2)
- 10.2. Media and Advertising on the Internet: Some Facts (2/2)
- 10.3. Providing Media Content (1/3)
- 10.3. Providing Media Content (2/3)
- 10.3. Providing Media Content (3/3)
- 10.4. Users Choosing Media Content (1/5)
- 10.4. Users Choosing Media Content (2/5)
- 10.4. Users Choosing Media Content (3/5)
- 10.4. Users Choosing Media Content (4/5)
- 10.4. Users Choosing Media Content (5/5)
- 10.5. Media Platforms Matching Advertising to Content (1/4)
- 10.5. Media Platforms Matching Advertising to Content (2/4)
- 10.5. Media Platforms Matching Advertising to Content (3/4)
- 10.5. Media Platforms Matching Advertising to Content (4/4)
- 10.6. Media Platforms Matching Advertising to Users (1/3)
- 10.6. Media Platforms Matching Advertising to Users (2/3)
- 10.6. Media Platforms Matching Advertising to Users (3/3)
- 10.7. Conclusion
- Acknowledgments
- References
- Chapter 7: The Economics of Television and Online Video Markets
- Index (1/2)
- Index (2/2)
- Back Cover
CHAPTER 7
The Economics of Television
and Online Video Markets
Gregory S. Crawford
Department of Economics, University of Zu
¨
rich, and CEPR, Zurich, Switzerland
Contents
7.1. Introduction 268
7.2. The Television Industry 270
7.2.1 The Types of Television 270
7.2.1.1 Broadcast (Free) Television 270
7.2.1.2 Pay Television 275
7.2.1.3 Broadcast (Pay) Television: DTT 284
7.2.2 Cross-Platform Television Statistics 285
7.3. A Simple Model of the Television Market 292
7.3.1 The Baseline Model 292
7.3.1.1 Baseline Results 292
7.3.1.2 Oligopoly 295
7.3.1.3 Content Choice 297
7.3.2 Evaluating the Simple Model 299
7.3.2.1 Testable Implications 299
7.3.2.2 What Can We Learn? 300
7.4. Extensions to the Simple Model: “The Four Bs” 302
7.4.1 Public Service Broadcasters 302
7.4.1.1 The Economic Rationale for PSBs 302
7.4.1.2 Effects of PSBs 305
7.4.2 Bargaining 306
7.4.2.1 Bargaining Theory 306
7.4.2.2 Bargaining Empirics 308
7.4.3 Barriers to Entry 308
7.4.3.1 Market Power in Wholesale (Programming) Markets 309
7.4.3.2 Market Power in Retail (Distribution) Markets 313
7.4.3.3 Horizontal Merger Review 315
7.4.4 Preference Heterogeneity and Bundling 316
7.4.4.1 Bundling Theory 316
7.4.4.2 Bundling Empirics 318
7.4.4.3 Welfare Effects of à la Carte 319
7.5. Open Policy Issues in Television Markets 321
7.5.1 Wholesale Bundling and Competition in Programming Markets 322
7.5.2 Vertical Integration and Foreclosure 323
267
Handbook of Media Economics,Volume1A © 2016 Elsevier B.V.
ISSN 2213-6630,
http://dx.doi.org/10.1016/B978-0-444-62721-6.00007-X All rights reserved.
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