The Cultural Industry’s (book) – Tracing the relationship between media workers, media work and media industry.

Most people are deluded to what they think the creative industry is like which is what Hesmond is trying to say which then results in them being vulnerable and exploited by higher ups. He also puts out that most people who succeeds in the industry is people who have connections in the industry.

1. Cultural industries – Most products are consumed when used and have to be bought again, but media products are bought once and continually used – they never wear out
2. Production – The making of a piece of media
3. Distribution – How the piece of media is distributed.
4. Exhibition / Consumption – How the media piece is consumed by the audience
5. Media concentration – The ownership of mass media by a few individuals
6. Conglomerates – A company that owns numerous companies involved in media.
7. Globalisation (in terms of media ownership) – the worldwide integration of media through the cross-cultural exchange of ideas
8. Cultural imperialism – The influences of media on a economically dominant culture and others.
9. Vertical Integration – when a media company owns different businesses in the same chain of production and distribution
10. Horizontal Integration – when a conglomerate uses smaller independent companies to help with marketing, distribution or even the exhibition of a film
11. Mergers – When a media company buys another company
12. Monopolies – When there is an absence of competition in the market. eg. (only one supplier, buying all the shares)
13. Gatekeepers – People who filter information for dissemination.
14. Regulation – Is the process by which a range of specific, often legally binding, tools are applied to media systems and institutions to achieve established policy goals such as pluralism, diversity, competition, and freedom.
15. Deregulation – the process of removing or loosening government restrictions on the ownership of media outlets
16. Free market – Its an economic system based on competition, with little or no government interference.
17. Commodification – The process whereby things are transformed into objects for sale in a capitalist economic system.
18. Convergence – Blending together multiple forms of media.
19. Diversity – Refers to diversity of ideas, viewpoints or options.
20. Innovation – a new method or idea.

The media is broken up into three sectors, production, distribution and consumption. David hesmondhalgh says that the media industry is a “risky business” – Companies minimize the risk of the industry by using horizontal integration which is where conglomerates use smaller companies to help with the distribution of the product which will result in more consumption and then more sales, which add up to more job security. Another way the industry reduces the risk of the business is by creating a monopoly which eliminates all competition by a supplier buying all the shares in the competition and owning everything. This results in all sales coming to you. Another way the media industry reduces the risk is to create a product in the cultural industries which results in the product being bought and bought, for example making a song and then innovating it by making remixes, creating a stable income. Lastly a way of reducing the risk is integrate the product into globalisation by distributing it world wide if the product was suited for that.