Tuesday, June 2, 2015

What's so great about media?

What's so great about media? So it's there, omnipresent, when I eat, sleep, drink, play, study, teach, learn...... So what?
Well, let's look at it from the Media Economics angle. Like all the other goods, media also produces so many products. TV serials, news, reality shows, and what not. But there is a difference. Suppose I manufacture, say, a watch. Really speaking, I have no connection with you, the consumer. At the most, I will provide you some after-sales service, and pretend that I care a lot about you.
But think of this - with due respect to Amir Khan and Ashutosh Gowarikar ......
I produce a Lagaan. When I am making it, I first connect with you with the promos and ads. I also release music and A R Rehman does his magic for me, my revenue earning starts, and my connection with you gets strengthened. Then I release the film, it becomes a hit, and I earn hundreds of crores. You all love me for the film, you also love the characters. You identify yourself with them, and connect with the story, because of the power of the narrative.
I then sell the satellite rights, and you watch Lagaan again and again, and fall in love with it so many times. Remember, I am still earning revenue. And don't forget the overseas rights.
I release the film on CDs and DVDs, again connecting with you, and again earning revenue. And when the hype starts dying out, I release 'Making of Lagaan'. By this time, the channels have done several 'TV Premieres', and after some more time, I release it again in the theatres, earning more revenue.
Almost exactly 14 years after it was release, Lagaan still remains in your hearts, and I still keep making more money.
That, my friends is one of the unique features of Media Economics. Media and media products maintain an almost lifelong connection, and keep earning revenue. You may either love or hate media, but you simple cannot avoid it, and cannot avoid paying for it!!!