The paper "Analysis Portfolio of Media Power" is a perfect example of a report on media. Entry 1: The Political Economy Analysis of Media in News and Current Affairs The political economy theory in media suggests that the structure of the industry has a big influence on the content in the media. According to Comofero (2010) the political economy of culture, media, and communication involve the analysis of social relations, in particular power relations that jointly consist of production, distribution as well as consumption of resources and thus media owners, advertisers, competitors, government regulations as well as viewers/readers are the ones that influence the media content (Wright, 2010).
The focus of this essay encompasses the political and economic characteristics of media in the news and current affairs. Basically, the essay will analyze the interplay of economic, political, cultural, and social life in regard to media. Issues in political economy media draw attention to social inequalities within media representations because through political economy reality provided within media text can be distinguished. The significance of social class in regard to media ownership and audience interpretation of media texts is a vital aspect in media analysis and this is demonstrated by the political economy in media.
Harvey (2000) explains that critical political economy analysis the role of media in economic, societal, social, political, and cultural life. Political analysis of media is holistic because it perceives the economy as interrelated with society, culture, and politics as well. Comofero (2010) highlights that the key processes that form the basis of the critical political economy include the media growth, expansion of corporate reach, commodification, and the shifting role of the state and government involvement (Comofero, 2010). Media growth is about how society perceives media industries as a reasonable platform to analyze contemporary culture and thus results in an increase in media production.
As a result, the process has led to the emergence of big corporations that progressively are embracing privatization. This has in turn made corporations dominate the media industry where even they mold media productions according to their strategies and interests. Such domination can lead to producers and other industries allied to media to have significant control over the direction of cultural societal activities.
Generally, this affects newspapers and magazines as well as the cultural production in radio and television for updates in news and current affairs (McChesney, 2006). In regard to the economic determination of media, media is a culture industry. This is because the economic base of corporations in regard to their productions is the primary determinant of the media contents and meanings that their messages carry. Therefore, commercial media corporations then cater to the advertisers’ requirements and produce audience-maximizing products for advertising proceeds (Comofero, 2010). Whereas specific media corporations where dominant political institutions or government control their revenue, such media corporations have a tendency of reproducing interpretations that serve the interests of the ruling class and the elite.
The media traits of news and current affairs play an important role in defining events worldwide as well as in reinforcement of consensual point of view by increasing the public opinion. Additionally, as Fenton (2008) emphasizes, the base and structure used in media have a direct relationship with matters of media ownership and control.
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