Answer:
In conclusion, the statement "production decisions are always driven by money" has some truth in the media industry, particularly with regards to media ownership consolidation. While the media industry must make a profit to survive, there is a need for a balance between profitability and the public interest. Media consolidation has made it increasingly difficult to achieve this balance, leading to a need for increased regulation to ensure that the media industry remains fair and impartial.
Step-by-step explanation:
The statement "production decisions are always driven by money" has some truth in the media industry. The media is a business, and like any business, its primary goal is to make a profit. The production of media content, whether it be print, broadcast, or digital, requires significant financial resources. Media companies must pay for content creation, equipment, personnel, distribution, and marketing.
Media ownership consolidation has had a significant impact on the media industry. Over the years, the number of institutions creating the majority of the media has shrunk, leading to fewer voices and perspectives in the industry. This trend has been particularly prevalent in the United States, where the Telecommunications Act of 1996 allowed for greater consolidation of media ownership. This act allowed for media companies to own more stations, leading to fewer companies controlling the majority of the media.
Media consolidation has allowed for greater economies of scale, which can result in more efficient and profitable operations. However, it also means that a small group of media companies controls the information that the public has access to. This can lead to bias and limited perspectives, particularly on controversial issues.