Pg. 76 The Role of the Media
'To a large extent, the global cultural flows of our time are generated and directed by global media empires that rely on powerful communication technologies to spread their message. Saturating global cultural reality with formulaic TV shows and mindless advertisements, these corporations increasingly shape people's identities and the structure of desires around the world. During the last two decades, a small group of very large TNGs have come to dominate the global market for entertainment, news, television and film. In 2000, only ten media conglomerates - AT&T, Sony, AOL/Time Warner, Bertelsmann, Liberty Media, Vivendi Universal, Viacom, General Electric, Disney and New Corporation - accounted for more than two-thirds of the $250 - 275 billion in annual worldwide revenues generated be the communications industry. In the first half of that year, the volume of merges deals in global media, Internet, and Telecommunications totalled 4300 billion, three times the figure for the first six months of 1999.'
This is a short insight into the media and globalisation, and how the entertainment business has been spit into 10 conglomerates, monopolising the entertainment business.
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