With a few giant media companies dominating the market, we will look at the biggest ones today. First, however, it is also essential to understand the pros and cons of such a system.
On the one hand, these big media conglomerates have the power to influence public opinion and shape culture. Something we have witnessed first-hand on many occasions.
On the other hand, they also have monopoly power which can be used to limit competition and stifle creativity. Again, something we know all too well. Many people who have taken an interest in the power of the media and how these vast corporations operate often ask questions such as
- How big are these companies?
- How much of the industry do they control?
- Could they lose their grip anytime soon?
You may be surprised at the profit level some companies enjoy. This is because they are giant media operators and have spread their tentacles into every facet of the entertainment industry and beyond.
Many of these tech giants have branched into sports entertainment, streaming services and even gambling. Luckily, they don’t manage to control the gambling industry like they dominate large portions of what we see and read online. As mentioned here, some digital casino companies operate on a relatively lower level of profitability but still provide a quality experience. Besides, they cultivate two-way relationships with their consumers via welcome bonuses, as compared to tech giants that never reward their loyal users.
Daily Mail & General Trust
As one of Britain’s biggest multinational news companies, Daily Mail & General Trust has been operating from the heart of London for over a Century. It has found itself in titanic battles over the 20th Century with other huge newspaper producers in the United Kingdom.
It has since taken its profitability and accessibility into the digital realm. As a result, the Daily Mail were one of the first of the enormous conglomerates to realise that the future is digital.
Their website is among the most popular news websites in the world, generating colossal revenue for the company. However, this hasn’t come without a downside. The amount of output you can find in the Daily Mail, plenty of which has been subject to fierce criticism over the years.
Wikipedia famously went as far as to ban the newspaper as a legitimate source of information, given the lack of quality journalism it has become renowned for in the United Kingdom. They cited sensationalist headlines and a lack of fact-checking as the two key reasons.
However, this likely wouldn’t have bothered the people in charge at the Daily Mail, given that they are one of the few genuinely profitable mainstream news sources left in the United Kingdom.
If they make revenue because people would rather read about the Kardashians than the news requiring critical thought, then so be it.
The New York Times Company
Obviously, the New York Times Company owns the world-famous newspaper and website that bears most of its name. However, as the world’s second-biggest media company, it also owns several successful subdivisions, most of which also contain the brand name.
The New York Times Book Review is necessary for any author wishing to find their creations. The magazine is also a big hit online and enjoys a popular readership in the United States and internationally.
With such an established and respected brand name, the New York Times is one of the best examples of a media organisation. One of the main reasons is that the company managed to move fluidly with the rise of internet dominance.
Not to mention they found the delicate balancing act of keeping the integrity of their brand while continuing to generate profit in a highly turbulent period for news media.
However, with widespread local news media in the United States and investments like Wordle, it’s keen to see why they retain such a prominent position in the global media.
News Corp
As the media arm of Rupert Murdoch’s empire, News Corp stands head and shoulders above every other media conglomerate. As a result, news Corp has a considerable influence in American media. Although the company is a result of a spin-off from 21st Century Fox, Murdoch still oversees the operations of both companies.
Murdoch is one of the world’s wealthiest men. The Australian billionaire is one of the most well-known figures in the history of media and is cited as a compelling and overarching figure in Western society.
For example, many in the United Kingdom believe that his sprawling control of media communications within the country has influenced the outcome of a general election in several instances.
This may all seem somewhat sensationalist, but News Corp’s grasp on Western society is astonishing.
When you include the successful TV networks of FOX (United States & Australia) and Sky in the United Kingdom, it’d be quicker to name the household media names that Rupert Murdoch doesn’t control.
A true behemoth of the media industry, the legacy of Murdoch in Western culture will always remain, for better or worse.