The US media industry has undergone significant consolidation and diversification over the last several decades.
Consolidation refers to the process whereby a small number of companies gain control over a large share of the market. This has been driven by a number of factors, including advances in technology, the deregulation of the media industry, and the increasing globalisation of the media market.
Diversification, on the other hand, refers to the process whereby companies expand their operations into new areas of the media industry. This has been driven by a number of factors, including the desire to reduce risk, the search for new revenue streams, and the increasing competition in the media industry.
As a result of these two trends, the US media industry is now dominated by a small number of large, diversified companies. These companies control a wide range of media outlets, including television networks, cable channels, radio stations, newspapers, magazines, and websites. This concentration of ownership has had a number of implications for the media industry, including:
- Reduced competition
- Increased prices for consumers
- Less diversity in content
- Greater political influence on media.