Hesmondhalgh's cultural industries theory

 Entry number 11- Hesmondhalgh's cultural industries theory:

Hesmondhalgh believes that media industries need to minimize risk and maximize profit to be successful. You don't want to take risks as a company unless you have to, and you obviously want to increase the amount of money your making where its possible aswell.

Ways which companies do this are:

1. Be vertically or horizontally integrated. Vertical integration- another way in which cultural industry companies minimize risk is though vertical integration, when a media company owns different businesses in the same chain of production and distribution. Horizontal integration- a media company's ownership of several businesses of the same value. A media company can own a magazine, radio, newspaper, television and books. Almost all media companies have horizontal integration such as Bauer.

2. Work across a variety of media platforms and technologies. E.g. A film company wouldn't necessarily just work in the film industry, they might make films but also make records and also work in the music industry. They might also make digital films and distribute them online and might run websites. So the idea of diversifying into other areas of media and working across different platforms (i.e. internet, TV, films, radio) is a really good way of making sure your products are seen all around the world and in s many places as possible.

3. Focus on popular genres/formats/stars. Take advantage of what is successful and popular, e.g. film directors observe what is most successful and makes the most money, such as avengers as there have been many sequels of the film as well as films of a similar contents such as Spider-Man, Iron-man, etc.

4. Controlled release schedule. Controlling the release schedule of your products can be done in different ways some companies will try and make sure that everything is released so their film is released in all different countries at the same time that might help to minimize the risk of your product it might stop there being the possibility of it being pirated whereas it would be all over the internet in that time and then you're at risk of losing profit in the other countries because they will already have been able to access that film for free online so sometimes releasing your product at once all across the world is a really great way of minimizing your risk however sometimes what people do is they hold back the release of their products they make it feel scarce they make it feel rare as those the audience really want to get hold of it. 

5. Detailed marketing campaign. Not simply trailers for your TV programs but includes things like websites, doing guerilla marketing techniques, making social media pages and posters. This allows the company to create a kind of vortex, where the audience get caught up in because they constantly your product mentioned.