Economics of Media and Entertainment

Catalog description

The media and entertainment industries (including professional sports) share a series of peculiar features: essentially, they (a) produce an intangible output (e.g., a music recording), which can be distributed in a variety of forms and (b) do so based on an input which is extremely idiosyncratic: the creative output of a person or group of persons (e.g., a singer or a band). Finally, (c) recent technological innovation has changed the balance of power between the various players and led various industry segments to re-invent their business model. This course provides an introduction to the businesses of media and entertainment: value chain, key players, significant trends, etc. It takes a distinctive economics perspective to understanding how the forces of supply and demand have changed the business model of various industry segments.