Media, Business and Society: Media Convergence and Innovation Report

This report examines the dynamic nature of the media industry and its continuous adaptation to new trends, particularly in the digital age. It discusses media convergence, highlighting both its benefits, such as increased economic convergence and audience participation, and its drawbacks, including potential monopolistic practices and the spread of fake news. The report emphasizes the disruptive influence of digital media on traditional forms and the necessity of innovation to remain competitive. It also analyzes the individualisation of labour in the new media work culture, exploring its implications for employees and the industry. The report references key scholars and models, such as causation and effectuation, to provide a comprehensive overview of the evolving media landscape.

Running head: MEDIA, BUSINESS AND SOCIETY
MEDIA, BUSINESS AND SOCIETY
Name of the Student
Name of the University
Author Note

1MEDIA, BUSINESS AND SOCIETY
Media is considered to be a dynamic and an advanced industry which is continuously
evolving and constantly adapts to the new trends. The age of digitalization according to me
has revolutionized many industries including media and has led to media convergence. I feel
it is highly important because the world is advancing constantly technologically and these
new forms of technology which are continuing to release are always better than the formal
models.
Many scholars have suggested the fact that this is allowing for a greater economic
convergence and is seen to be beneficial however; this is also having negative impacts
competition and diversity and has been raising issues in terms of monopolistic practices
(Zelenkauskaite 2017). Media convergence is giving rise to a convergence culture where
even the audiences have become producers which are to some extent beneficial as it is
impossible for the media to cover all forms of news. There are many videos online that have
been shot by the consumers or the audience which has become news later which makes it
highly beneficial. However, this has a negative aspect as well as this can also lead to the rise
in fake news where people spread fake news in a believable manner to fulfill their agenda.
The lecture states that media is slowly having a disruptive influence and there is a
need for innovation. I believe that this is true and is necessary so it flourishes in the long run.
Media does have a disruptive influence because after the introduction of digital media, the
traditional forms of media are facing issues, becoming almost obsolete and also trying to
come up with their digital version in order to compete in the market. Innovation in media is
highly important because of advent of technology and the dynamic society. According to
scholars, the needs of the consumers constantly evolve and change with the changes in the
society. Thus, it is important for the media to come up with innovation to attract the
audiences and gain loyalty from them.

2MEDIA, BUSINESS AND SOCIETY
Media is becoming privatized and the entrepreneurship model of this digital age
media is based on two concepts like causation and effectuation. The causation model is not
always beneficial and has a higher risk level in comparison to the effectuation model where
they make their goals based on the available resources to them which does not have much of
a negative impact or any risk factor.
The new form of media has given birth to a different work culture which is
individualization of labour (Deuze 2016). This culture in media has given the employees the
freedom and has given them a huge responsibility where they do all the work on their own
which provides employee satisfaction and convenience however, this has contributed many
issues like casualization of the employees and this work culture is seen to hinder the growth
of the employees in this industry as well like lack of growth in their career and lack of
assistance and many more.
The media industry has been growing and evolving with time incorporating new work
methods and business strategies that has been benefiting the industry which is becoming
beneficial for both the companies and the employees. However, because of the fast paced
industry the issues and the problems somehow are being overlooked which eventually affects
the employees working for this industry.

3MEDIA, BUSINESS AND SOCIETY
Reference
Deuze, M., 2016. Managing media workers. In Managing media firms and industries (pp.
329-341). Springer, Cham.
Zelenkauskaite, A., 2017. Remediation, convergence, and big data: Conceptual limits of
cross-platform social media. Convergence, 23(5), pp.512-527.