When Internet Meets Entertainment: The Economics of Digital Media Industries
For two years, our team has striven to explain to engineers that copyrighted contents were economic object which differ condderably from other kinds of information material. And consequently that the wah to enhance their digital distribution should differ from what an engineer could imagine as the smoothest way to convey private information flows. The confrontation between the technical vision of an equipement industry trying to raise the efficiency of digital delivery systems and that of economists defending the concept of Intellectual Property and its implications in a digital environment has been a quite unique and very stimulating experience. This essay reveals the outcome of this interaction. It is a discussion tool between two industries. Its objective is to clarify for the two parties involved - the creative industries and the information technology sector - the economic characteristics of copyrighted content production and distribution : intellectual property, sunk costs, signalisation, pricing issues, vertical relations, network effects, distribution system roll-out, and markets and competition. It analyses how these characteristics, combined with national regulatory policies, shape the industrial organization of the digital content distribution systems. The book addresses Media and IT professionals, bankers, economists, students and policy makers.
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adverse selection advertising audience beneﬁts brand buyers characteristic of content consumer content distribution systems content industries content markets content owners content production Content version markets contract copyright laws creative deﬁned delivery differentiation difﬁculty digital content distribution digital distribution digital environment digital technologies distribution economics DRMs dynamics efﬁcient Europe ﬁgures ﬁlm production ﬁnal demand ﬁnancial ﬁrst ﬁxed free-to-air horizontally concentrated incentives to create inefﬁciency information cascade Internet distribution market power media platforms million Moral hazard movie network effects Non-excludability overall package pay TV pay-per-view pay-TV physical supports players portal price discrimination pricing strategy private copy levies product bundling proﬁtable promotion protection public authorities quality signal radio regulation regulatory release windows retail revenue risk sunk costs technical television terminal equipment theatres transaction costs TV channels two-sided market utility vertical bundling vertical chain vertical integration vertical relations video content willingness to pay
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