Media Economics — Study HTML

Introduction to Communication Science II · Session 4 · Summer Semester 2026

70 slides · English translation + explanation
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011. Foundations of Media Economics
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Introduction to Communication Science II
Session 4: Media Economics
Dr. Pamela Nölleke-Przybylski · Summer Semester 2026
💡 What does this slide mean?
This is the title slide. The session examines media not only as communication institutions, but also as products, firms, markets, and economic structures.
021. Foundations of Media Economics
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Agenda
  1. Foundations of media economics
  2. The dual character of media as an economic and cultural good
  3. Special features of media economics
  4. Financing media
  5. Forms and consequences of media concentration
💡 What does this slide mean?
This is the roadmap for the lecture: first define media economics, then examine what makes media products unusual, how they are financed, and finally why ownership concentration arises and how it is controlled.
031. Foundations of Media Economics
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Learning objectives
  • Describe the subject matter and central questions of media economics.
  • Explain the dual character of media as an economic and cultural good and its consequences.
  • Describe the special features of media products from a media-economics perspective.
  • Explain how different media in Germany are financed and identify resulting problems.
  • Describe forms of media concentration and their advantages and disadvantages.
  • Know the KEK and explain its tasks.
💡 What does this slide mean?
Treat this as an exam checklist. If you can define and explain each of these points with an example, you have covered the core of the lecture.
041. Foundations of Media Economics
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Definition: Media and communication are subjects of economic analysis because the production, distribution, and consumption of mass-media goods—information, education, entertainment, and advertising—use scarce social resources: labour, capital, and nature. (Heinrich 2005)
💡 What does this slide mean?
Media are not costless just because the audience may receive them for free. Producing and distributing a news report, film, newspaper, or online service requires workers, equipment, money, raw materials, and infrastructure; therefore media can be analysed economically.
051. Foundations of Media Economics
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Media production as a process:
  1. Production of information, education, entertainment, and advertising
  2. Distribution via TV, radio, internet, print, etc.
  3. Consumption by the audience
All stages consume scarce resources: labour, capital, and nature.
💡 What does this slide mean?
The infographic visualises the definition from the previous slide. Media economics looks at the entire chain from production to distribution to use, because real resources and costs are involved at every stage.
061. Foundations of Media Economics
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Example: labour as a scarce resource. The slide uses German labour-market data for journalism/editorial work and related communication occupations, distinguishing employed workers from self-employed workers.
💡 What does this slide mean?
The point is not to memorise every number. The chart shows that media production depends on a real professional workforce, so labour costs are an important part of media economics.
071. Foundations of Media Economics
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Media are analysed economically because producing, distributing, and consuming them uses scarce resources. Media economics is a teaching and research programme that studies the foundations, forms, and consequences of public communication with regard to its economic structure. (Altmeppen & Karmasin, 2003)
💡 What does this slide mean?
This definition is broader than business accounting. Media economics asks how economic conditions shape public communication and what consequences this has for media organisations and society.
081. Foundations of Media Economics
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Questions in media economics
  • Descriptive: description and analysis of mass media as an economic sector.
  • Normative: how should mass media be organised optimally?
Levels of analysis: markets (structure, conduct, outcomes), companies (organisation, costs, revenue), and individual behaviour (cost-benefit calculations).
💡 What does this slide mean?
There are two basic kinds of questions: ‘What is happening?’ and ‘How should the system be organised?’ These can be studied at the market, firm, or individual level.
091. Foundations of Media Economics
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Digital media economics
  • Analyses the economic effects of digitalisation.
  • Studies public communication with regard to its digital economic structure.
  • Digitalisation does not require a complete replacement of media-economic theory, but adds digitally induced parameters—for example network goods such as social-media networks.
💡 What does this slide mean?
The basic economic logic remains, but digital media add features such as network effects, platforms, and extremely low reproduction/distribution costs that have to be incorporated into existing models.
102. Media as an Economic and Cultural Good
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Agenda: Section 2 — The dual character of media as an economic and cultural good.
💡 What does this slide mean?
This is a transition slide. The lecture now moves from defining media economics to the special dual role of media themselves.
112. Media as an Economic and Cultural Good
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Dual character of media
  1. Mass media are industrially produced services that must satisfy both economic principles of organisation and social-political/journalistic demands.
  2. Expectations of economic profit and journalistic performance are directed at the same product.
💡 What does this slide mean?
A newspaper, for example, has to earn money and at the same time provide accurate, relevant, diverse journalism. Tension arises when profitability and journalistic or social goals conflict.
122. Media as an Economic and Cultural Good
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Media are business and culture — the economic side
  • They use scarce goods: labour, capital, nature.
  • Resources should be used as efficiently as possible → economic principle.
  • Maximum principle: achieve as much output as possible with given inputs.
  • Minimum principle: achieve a given output with as little input as possible.
💡 What does this slide mean?
This is the ‘business’ side of the dual character. Media organisations, like other firms, have limited resources and therefore face pressure to use them efficiently.
132. Media as an Economic and Cultural Good
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Media are business and culture — the social/cultural side
  • Media perform social functions.
  • Political: creating a public sphere, control/criticism, forum function.
  • Cultural: recreation and socialisation.
💡 What does this slide mean?
Media do more than generate profit. They contribute to democracy, public debate, scrutiny of power, socialisation, culture, and recreation. That is why market success alone is not a sufficient measure of media performance.
142. Media as an Economic and Cultural Good
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Market economy vs. journalism
  • Norm system: market = maximising individual benefit/economic quality; journalism = journalistic diversity and quality.
  • Procedure: economic competition is expressed through profit, revenue, market share; journalistic competition uses criteria such as relevance, timeliness, accuracy, and diversity.
  • Relevant sphere of impact: acceptance and financial success in the advertising market vs. journalistic performance in the audience market.
  • Control: market control through sufficient competition vs. state regulation aimed at improving journalistic diversity and quality.
💡 What does this slide mean?
The important point is that ‘economic success’ and ‘journalistic success’ are judged by different standards. Because the two goals can diverge, regulation may be used to protect diversity and quality.
153. Special Features of Media Economics
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Agenda: Section 3 — Special features of media economics.
💡 What does this slide mean?
From here, the lecture asks why media goods differ from ordinary products and why media markets create special economic problems.
163. Special Features of Media Economics
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Marketability of media goods
Two central criteria:
  • Exclusion principle: can people who do not pay be excluded from consuming/using the good?
  • Rivalry in consumption: is the good used up when someone consumes it?
If both apply → private good. If neither applies → public good, which can be traded only imperfectly through markets and may lead to market failure.
💡 What does this slide mean?
To judge whether media content can easily be sold, ask two questions: can access be controlled, and does one person’s consumption reduce what is available to others?
173. Special Features of Media Economics
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Four types of goods
  • Private goods: exclusion ✓, rivalry ✓
  • Common-pool goods (Allmende): exclusion ✗, rivalry ✓
  • Club goods: exclusion ✓, rivalry ✗
  • Public goods: exclusion ✗, rivalry ✗
💡 What does this slide mean?
This matrix is highly exam-relevant. Subscription media can resemble club goods: access is restricted, but one subscriber does not prevent another from consuming the same content. Freely accessible media content is often closer to a public good.
183. Special Features of Media Economics
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Problem of public goods: a profit-oriented firm has little incentive to produce a good that everyone can use without paying → free-rider behaviour.
How private media still make money: transform the good economically by linking the audience and advertising markets and/or creating paid offers such as Pay-TV, e-books, login-protected content, or cinema tickets.
💡 What does this slide mean?
Private television can offer programmes free to viewers because it sells audience attention to advertisers. Alternatively, a paywall or subscription creates exclusion and makes direct payment possible.
193. Special Features of Media Economics
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Media as public goods or club goods
  • Journalistic content has a rivalry level close to zero.
  • After first publication, the degree of exclusion is often also close to zero.
  • Free-rider problem → financing problems.
  • Classical market logic reaches its limits.
💡 What does this slide mean?
Thousands of people can read the same online article without requiring a separate ‘unit’ for each reader. If access is also open, it becomes difficult to charge everyone who benefits from it.
203. Special Features of Media Economics
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Media as merit goods: demand is lower than what is considered socially desirable.
💡 What does this slide mean?
Society may consider consumption of news, education, or other public-value content desirable at a higher level than individuals would choose in an unregulated market. This is one argument for public support or intervention.
213. Special Features of Media Economics
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Strong fixed-cost degression
  • Media production involves high fixed costs and low variable costs.
  • A large share of fixed costs is concentrated in the first copy: ‘the entire production effort is ultimately preserved in the first version’ → First-Copy-Cost Effect.
  • As output rises, fixed costs are spread across more units, so fixed cost per unit falls.
💡 What does this slide mean?
Producing the film, article, game, or programme can be expensive, but delivering the same content to one more user is often cheap. A larger audience therefore lowers average cost.
223. Special Features of Media Economics
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Fixed-cost degression, continued: the total fixed cost remains largely unchanged as output increases, while the same cost is distributed over more products or recipients. Unit costs therefore fall; once costs are covered, additional recipients can generate more profit without equally large cost increases.
💡 What does this slide mean?
This is the same mechanism stated in words: media firms have a strong economic incentive to reach a large scale.
233. Special Features of Media Economics
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Average cost curve: as the number of copies or recipients increases, cost per acquired/consumed product decreases substantially. → A high output volume pays off.
💡 What does this slide mean?
The graph visualises why size matters economically in media. The expensive first copy is spread across more users, pushing down average cost.
243. Special Features of Media Economics
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Economies of scale: physical vs. digital production. The comparison shows that unit costs fall as output increases, with the decline being especially strong for software/digital goods compared with physical production.
💡 What does this slide mean?
Digital copies have extremely low marginal reproduction costs, so scale advantages can be much stronger for digital media than for physical products.
253. Special Features of Media Economics
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Fixed-cost degression: physical vs. digital goods. Both have first-copy costs, but average and marginal costs fall much further for digital goods. Physical production retains a cost floor for manufacturing and distribution.
💡 What does this slide mean?
A digital product can be created once and distributed repeatedly at near-zero additional cost. A printed product still requires paper, printing, and transport for every copy.
263. Special Features of Media Economics
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Economies of Scale (Skaleneffekte): increasing production or audience size can reduce the average cost per unit.
💡 What does this slide mean?
This follows directly from fixed-cost degression: being larger can create a cost advantage.
273. Special Features of Media Economics
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Economies of Scope (Verbundvorteile): one company can reuse shared resources, content, brands, or infrastructure across several products or channels—for example, using one newsroom’s content in both a print newspaper and its website.
💡 What does this slide mean?
Instead of producing everything separately for each medium, the same editorial staff, technology, content, or brand can serve multiple products and lower total costs.
283. Special Features of Media Economics
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Market saturation: the graph of worldwide daily social-media use from 2012–2025 shows that the earlier rapid growth has moved toward a relatively stable level.
💡 What does this slide mean?
Human attention is limited. Media use cannot grow indefinitely, so companies increasingly compete for a share of a finite amount of audience time.
293. Special Features of Media Economics
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High barriers to entry are added to the list of challenges in media markets.
💡 What does this slide mean?
High initial costs, strong brands, audience access, and the scale advantages of established firms can make it difficult for a new competitor to enter the market.
303. Special Features of Media Economics
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Lack of quality transparency: experience and credence goods
Information paradox: to judge the quality and usefulness of media content you would have to know it, but knowing it requires consuming it; media content cannot simply be ‘returned’ afterwards.
Opportunity costs: choosing one activity means giving up another; media-consumption time is a scarce resource.
💡 What does this slide mean?
Before watching a film or reading an article, you often do not know its true quality. A bad choice can cost not only money but also scarce time that could have been spent elsewhere.
313. Special Features of Media Economics
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Entertainment vs. information
  • Entertainment content = experience good: after consuming it, a recipient can usually say whether it was entertaining.
  • Information content = credence good: its value may remain only partly visible even during and after use.
💡 What does this slide mean?
You can normally tell whether you enjoyed a film, but you may not be able to determine immediately whether a news report was completely accurate, complete, or unbiased.
323. Special Features of Media Economics
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Disproportionate advantages for market leaders: the advertising–circulation spiral
More attractive advertising environment → higher circulation/audience → more revenue from advertising and sales → more investment in the attractiveness of the product → further audience growth.
💡 What does this slide mean?
An initial advantage can reinforce itself. A large media company is not only bigger; the positive feedback loop can make it easier for it to grow further than a smaller rival.
333. Special Features of Media Economics
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Two spirals
  • Negative spiral: less attractive advertising environment → falling circulation → lower advertising/sales revenue → cost-cutting and lower product quality → still less attractiveness.
  • Positive spiral: attractive advertising environment → rising circulation → higher revenue → more investment → still greater attractiveness.
💡 What does this slide mean?
The media market can make winners stronger and losers weaker. This self-reinforcing mechanism helps explain why concentration can develop.
343. Special Features of Media Economics
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Summary: special features of media economics
Type of economic good:
  • Media products are economic and cultural goods.
  • They are experience and credence goods.
  • They are quasi-public goods.
Challenges:
  • High fixed costs.
  • Economies of scale and scope.
  • Disproportionate advantages for market leaders.
💡 What does this slide mean?
This slide condenses Section 3. Remember three ideas: unusual types of goods, unusual cost structures, and the resulting advantages for large firms.
353. Special Features of Media Economics
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Questions?
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This is a pause/question slide and introduces no new theoretical content.
364. Financing Media
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Agenda: Section 4 — Financing media.
💡 What does this slide mean?
The central question now becomes: if media production costs money, where does the revenue come from?
374. Financing Media
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Types of media financing
  • Sales/distribution revenue
  • Advertising revenue
  • Fees and contributions
  • Revenue from other business areas, e.g. telephone/online value-added services, merchandising, teleshopping
  • Donations, cooperative contributions, or association membership fees
💡 What does this slide mean?
Media organisations often combine several revenue sources rather than relying on only one, for example subscription + advertising or public contributions + limited advertising.
384. Financing Media
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Revenue markets of a media company: revenue can come from rights and licensing markets, advertising markets, audience markets, public payments/subsidies, and donations. The highlighted example shows Disney+ buying thousands of hours of ZDF programming as a rights/licensing transaction.
💡 What does this slide mean?
Media products are not sold only to final audiences. Rights to distribute or reuse content are themselves tradable products in a separate market.
394. Financing Media
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Two central markets
  • Advertising market: the media company sells advertisers access to an audience.
  • Audience market: recipients pay for content, subscriptions, or copies.
💡 What does this slide mean?
Many media operate as two-sided markets: they serve audiences on one side and advertisers on the other. Success on one side affects the value of the other.
404. Financing Media
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Newspaper advertising and sales revenue. The 2019–2023 chart shows that both distribution/sales revenue and advertising revenue remain important for German newspapers, but their weight and development differ.
💡 What does this slide mean?
The traditional newspaper model combines money from readers and money from advertisers. A decline in either source directly affects financial sustainability.
414. Financing Media
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Net advertising revenue by advertising medium in Germany, 2023. Internet advertising is the largest category; print, television, direct mail, outdoor advertising, radio, and cinema follow with smaller shares.
💡 What does this slide mean?
Advertising budgets have shifted strongly toward the internet. This creates intense competition for advertising revenue, especially for traditional media.
424. Financing Media
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Meta advertising revenue worldwide, 2010–2024. The chart shows very strong growth, reaching roughly US$160.6 billion in 2024.
💡 What does this slide mean?
Digital platforms have captured a huge part of the advertising market. That increases pressure on the advertising-based financing of traditional media.
434. Financing Media
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Google advertising revenue, 2001–2024. The chart shows very strong long-term growth, reaching roughly US$264.6 billion in 2024.
💡 What does this slide mean?
Like the Meta chart, this illustrates the economic power of major digital platforms in the advertising market.
444. Financing Media
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Financing broadcasting
Public-service broadcasting: ARD and ZDF are financed mainly through the broadcasting contribution (Rundfunkbeitrag) and also receive advertising revenue. In 2024, contribution revenue was about €6,086.79 million for ARD and €2,232.51 million for ZDF; gross advertising revenue was €323.64 million and €281.73 million respectively.
Private TV: advertising is a major revenue source; examples shown include RTL, ProSieben, SAT.1, VOX, and Kabel 1.
💡 What does this slide mean?
The structural difference is the key: public-service broadcasters rely primarily on the broadcasting contribution, whereas private television relies much more strongly on advertising.
454. Financing Media
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Hybrid streaming model: the Netflix headline states that ‘more than 50 percent of new customers chose the ad-supported plan.’
💡 What does this slide mean?
Even a subscription service can combine subscription payments with advertising. Revenue models are increasingly mixed rather than strictly separated.
465. Media Concentration and Control
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Agenda: Section 5 — Forms and consequences of media concentration.
💡 What does this slide mean?
After examining costs and financing, the lecture now asks why media markets tend toward large firms and concentrated ownership, and what consequences follow.
475. Media Concentration and Control
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Media concentration. The chart ranks the world’s largest media and knowledge corporations by 2024 revenue; companies such as Alphabet, Meta, ByteDance, Comcast, Amazon, and Apple appear among the major players.
💡 What does this slide mean?
The slide demonstrates the enormous scale of some companies. When substantial parts of media markets and infrastructure are controlled by a small number of firms, concentration becomes an economic and democratic issue.
485. Media Concentration and Control
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Forms of concentration
  • Horizontal concentration: merger of media companies in the same market.
  • Vertical concentration: merger across upstream and downstream stages of the value chain.
  • Multimedia / media-diagonal concentration: merger of media companies from different media markets.
  • Conglomerate / cross-industry concentration: merger of media companies with firms outside the media sector.
💡 What does this slide mean?
For the exam, identify the direction of the merger: same-level competitors = horizontal; different production/distribution stages = vertical; different media markets = multimedia; media + another industry = conglomerate.
495. Media Concentration and Control
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The diagram visualises concentration along the chain development → production → distribution: horizontal concentration links similar firms, vertical concentration integrates multiple stages within one firm, and diagonal concentration connects different media markets or types.
💡 What does this slide mean?
This is the visual version of the previous slide. Use the position of the companies in the value chain to determine which type of concentration is present.
505. Media Concentration and Control
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Current examples of acquisitions and shareholdings: headlines refer to RTL/Sky, DAZN buying a streaming and technology provider, ProSiebenSat.1 selling its stake in Urban Sports Club, and Oberauer-Verlag acquiring an industry service.
💡 What does this slide mean?
The purpose is to show that media concentration is not just a theoretical concept. Acquisitions, mergers, and stake sales happen continuously across media and technology markets.
515. Media Concentration and Control
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Consequence 1: restriction of journalistic diversity and quality
Example: insufficient separation between advertising and editorial content.
💡 What does this slide mean?
If economic or ownership pressure becomes strong, the boundary between independent journalism and advertising may become blurred, which can damage trust and journalistic quality.
525. Media Concentration and Control
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Consequence 1, continued: Boulevardisation and entertainisation — a stronger shift toward sensational, emotional, popular, and entertainment-oriented content.
💡 What does this slide mean?
Competition for attention and revenue may push media toward lighter and more attention-grabbing material, reducing the relative space for complex or serious content.
535. Media Concentration and Control
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Consequence 1, continued: reduction of intermedia competition in quality and innovation.
💡 What does this slide mean?
If there are fewer independent owners or competitors, the pressure to improve, innovate, and differentiate can become weaker.
545. Media Concentration and Control
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Consequence 1, continued: homogenisation, imitation, multiplication, and standardisation of content.
💡 What does this slide mean?
When ownership or production structures are concentrated, products from different outlets may become increasingly similar. The repeated versions of the same TV format shown on the slide illustrate this idea.
555. Media Concentration and Control
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Consequence 2: strengthening media companies in relation to powerful political actors and pressure groups.
💡 What does this slide mean?
Concentration is not only negative. A large media company may have enough resources and bargaining power to resist pressure from governments, politicians, or other influential groups.
565. Media Concentration and Control
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Consequence 3: higher barriers to market entry.
💡 What does this slide mean?
The larger and more networked incumbent firms become, the harder it is for new entrants to compete with their capital, brands, distribution, and audience reach.
575. Media Concentration and Control
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Consequence 4: loss of alternative employment options for journalists.
💡 What does this slide mean?
If several apparently different outlets share the same owner, journalists have fewer genuinely independent employers to move to, which may also weaken their bargaining position.
585. Media Concentration and Control
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Control of media concentration
Two routes are shown:
  • Competition review: in Germany by the Bundeskartellamt and the Federal Ministry for Economic Affairs; at EU level by the European Commission.
  • Review of predominant power over opinion: by the state media authorities and the KEK.
💡 What does this slide mean?
Economic market power and opinion-forming power are not identical. A transaction can therefore be assessed under competition law and separately for its effects on media plurality.
595. Media Concentration and Control
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KEK — Commission on Concentration in the Media
A body independent of government and location that makes final assessments concerning the safeguarding of diversity of opinion in nationwide television.
Tasks:
  • Check compliance with rules safeguarding diversity of opinion in television.
  • Review licensing procedures and changes in ownership/shareholding structures of private media companies.
  • Create transparency about the development of private television in Germany, e.g. programme lists and media-concentration reports.
💡 What does this slide mean?
The KEK’s central question is whether ownership structures and audience reach can give one company predominant opinion-forming power.
605. Media Concentration and Control
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KEK audience-share model
There are no fixed ownership limits except where predominant opinion-forming power arises. It is assumed when:
  • a company’s programmes reach more than 30% annual audience share (with the rules including credits relating to full and information programmes), or
  • the audience share is only slightly below that threshold but the company has a dominant position in other media-relevant markets (over 25%).
The basis includes all German-language nationwide public-service and private television programmes.
💡 What does this slide mean?
The model does not look only at how many shares a company owns. It also considers the company’s actual audience reach and power in other relevant media markets.
615. Media Concentration and Control
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Example of the KEK audience-share model: the slide uses Bertelsmann / RTL Group to show audience shares together with the company structure and affiliated broadcasters.
💡 What does this slide mean?
The KEK does not evaluate just one TV channel in isolation. It looks at the combined set of channels and ownership relationships belonging to a corporate group.
625. Media Concentration and Control
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If predominant opinion-forming power is found, state media authorities may impose licensing/participation stops or revoke licences.
Countermeasures can include:
  • giving up shareholdings,
  • allocating airtime to independent third parties,
  • establishing a programme advisory council (Programmbeirat).
💡 What does this slide mean?
The aim is not necessarily to shut a company down. Opinion-forming power can also be reduced by changing ownership or guaranteeing independent voices and oversight.
635. Media Concentration and Control
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MedienVielfaltsMonitor — four steps
  1. Measure the reach of media types (television, radio, print, internet).
  2. Link reach to company ownership/participation structures using the KEK database.
  3. Determine the opinion-forming weight of each media type using the media-weight study.
  4. Weight and aggregate company shares to estimate each company’s share of the German opinion market.
💡 What does this slide mean?
Unlike a TV-only approach, this tool combines several media types to estimate a company’s overall power to shape public opinion.
645. Media Concentration and Control
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Opinion-forming power of media companies. The slide introduces the topic of the MedienVielfaltsMonitor visually.
💡 What does this slide mean?
The core message is that concentration should also be examined in terms of influence over public opinion, not only sales, revenue, or conventional market share.
655. Media Concentration and Control
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MedienVielfaltsMonitor 2024
The top five groups together account for about 51.8% of the opinion market weight. The slide shows: ARD 20.3, Bertelsmann 11.0, ZDF 7.4, Springer 6.8, KKR 6.4. Groups ranked 6–15 account for about 27.3%, and ranks 16–30 for about 15%.
💡 What does this slide mean?
Opinion-forming power is not distributed evenly across all companies. A relatively small number of groups hold a large combined share, which is why continuous monitoring of media plurality matters.
66Summary and References
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Summary I
  • Media economics: economic aspects of media production, distribution, and consumption; consequences of economisation, privatisation, and globalisation for media organisations and society.
  • Dual character of media as economic and cultural goods.
  • Media as public and merit goods.
  • Economic peculiarities of media markets: fixed-cost degression, economies of scope, market saturation, etc.
  • Financing media.
💡 What does this slide mean?
This slide condenses the first major part of the lecture. For exam revision, you should be able to define every bullet in a few sentences and give one example.
67Summary and References
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Summary II
  • Competitive structures in media markets encourage forms of concentration.
  • Concentration affects journalistic diversity and quality, the position of media in society, market entry, and employees in media companies.
  • Measures to control concentration include the KEK and the MedienVielfaltsMonitor.
💡 What does this slide mean?
The overall logic of the lecture is: special economic characteristics can encourage concentration; because concentration has social and political consequences, monitoring and regulation are used.
68Summary and References
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Questions?
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This is the final question slide and introduces no new study content.
69Summary and References
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Literature used in the lecture: Altmeppen et al.; Altmeppen & Karmasin; Clement et al.; Gabler Wirtschaftslexikon; Gläser; Heinrich; Kopper; Meyn; Puppis; von Rimscha & Siegert.
💡 What does this slide mean?
These are the academic sources behind the lecture’s definitions, models, and figures. For exam preparation, understanding the concepts is usually more important than memorising full bibliographic details unless your lecturer explicitly requires them.
70Summary and References
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Thank you for your attention!
💡 What does this slide mean?
This is the closing slide and contains no new study content.
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Source: the original Media Economics lecture PDF. The English translations and explanations are study aids; for chart-heavy slides, the main message of the chart is summarised.