The Economy of Media Events: Theory and Examples
Assuming that an economic approach can contribute to the understanding of media events, this article analyzes the different types of strategies, investments and returns (financial as well as symbolic) related to this type of events that are both staged or covered by the media. Two aspects of institutional frameworks, property rights and ascriptions of legitimacy, are outlined and their impact on the economy of media events is discussed. With regard to the Internet and forms of user participation, the specific efficiency of formal organisations and informal cooperation in organising media events is analysed. Some strategic problems pertaining to media events and their implications for consumption, market conditions and market outcomes are also described.