In an increasingly competitive world, competition and media production become the most important dynamics, and the audience becomes a commercial consumer to the producer. This increasing global governance devalues critical cultural information and issues, as media becomes a forum for increasing entertainment. For example, media production in India has drastically changed from soliciting culturally based programs and news, to a giant entertainment industry. And even if cultural information were desired, the privatization of media prevents smaller firms from attempting to compete.
Although the increasing global governance and oligopoly media market are discouraging, it is noteworthy to remember that people are inherently competitive and want to be the best; produce the best media and receive the highest profit. Thus, it is inevitable that media forums will continue to produce desired media in an effort to compete in the global market. Thus, does this mean that it’s the consumer’s role to alter his consumption desires?
Due to the impartial media, and relatively high barriers to entry of multinational corporations, I believe that we need some degree of media regulation. Thussu suggests that the media “produces” us, just as much as we produce it; it affects how we define ourselves, our community, our culture, and our democracy. Thus, we need media regulation to ensure diversity and plurality, impartiality, and extension to rural areas. Without media regulation, privatization and multinational corporations threaten nation-states by becoming, in essence, a governing body.
Furthermore, I would agree with McChesney’s argument that global media creates a neoliberal democracy in which power is opaque and maintained by only a few firms. This consequence compels me to argue for national governance, which may aid in promoting media equity and literacy. It is time to revisit older concerns of media ownership in order to prevent multinational corporations from completely detracting the significance of national media and forming a global culture.
Although media production can be expensive, the current economic crisis harbors room for national media development. The shrinking budgets of multinational corporations leave time and opportunity for local media to prosper, and, if possible, they should capitalize on this opportunity.