Efficient-market myth must be abandoned to understand media ownership

Evidence

Understanding its influence requires us to dispense with the myth of efficient markets; instead, an analysis of power, politics, and hierarchy is essential, for both capitalism as a system and media within it. … The cultural industries are being reshaped by this “long downturn.” — Andrew deWaard, Derivative Media, 48

Categorization

• DEFINE: Defines the ‘long downturn’ as the period of rising financial power and declining growth/profitability reshaping media industries.
• SEED: Angle: the ‘long downturn’ frame applied to streaming — are today’s media consolidation patterns (streaming wars, catalog buyouts) the cultural-industry face of financialization-driven decline?