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Overview of the Media Industry and Its Role in Society

Discuss about the Analysis Of The Business Of A Media Organization.

The study aims to give an analysis of the business of a media organization and the contribution of the media organization in the society. Media plays a crucial role in any country. While strengthening the society, media shapes and creates public opinion (Rosenberry and Vicker 2017). Thus the role of media is very crucial within a society.  In the similar manner, media also contributes significantly in the growth of any economy. The media industry occupies a considerable share in the economy of a country. Since it generates a considerable amount of revenue to the industry ensuring the growth of a company, the media business must use corporate strategies in order to assure its success within the business sphere. Therefore it will be right to state that media business can be very beneficial if it is done according to the business strategies. Thus in order to proceed to further discussion, a reputed news agency of Caribbean island will be discussed in line with its business process. Established in the year of 1976, the Caribbean News Agency is one of the leading news agencies of Caribbean region (cananewsonline.com 2018). Located in Barbados, the news agency was founded as a scion to the Reuters Caribbean services and later merged with Caribbean Broadcasting Union. In the year of 2000, the Caribbean News agency along with Caribbean broadcasting Union merged and formed Caribbean Media Corporation. Since its early days, the news agency has been serving for the people. It has marked itself as a unique media agency creating as well as shaping the public opinion while at the same time strengthening the society.  The whole course of the business will discuss several aspects related to business such as entrepreneurship, theories of network, and practical relationships of the business with other several networks in the business world. The report begins with discussing the historical, social and economical context of the news agency. In addition to that, the concept of entrepreneurship elaborated in a Broadway.

Established in the year of 1976, the Caribbean News Agency is one of the leading news agencies of Caribbean region. Located in Barbados, the news agency was founded as a scion to the Reuters Caribbean services and later merged with Caribbean Broadcasting Union. In the year of 2000, the Caribbean News agency along with Caribbean broadcasting Union merged and formed Caribbean Media Corporation (cananewsonline.com 2018). Since its early days, the news agency has been serving for the people. It has marked itself as a unique media agency creating as well as shaping the public opinion while at the same time strengthening the society. The mission of Caribbean News Agency or CANA News serves the truth without distorting them (Minto-Coy 2015). The media agency strongly opposes the biasness and provides in depth analysis without the personal judgement or views of its journalists. The historical background of CANA news reveals its success as the watchdog in the society. The Barbados based media agency provides online, print and television services to its audience while making a broader scope for further expansion of media industry within the Caribbean island.

Caribbean News Agency: Historical, Social, and Economic Context

The aim of CANA News is to provide a customer oriented service while encouraging the Caribbean media industry to enhance. By providing high quality news stories CANA news covers social, political, economical and cultural events that are of crucial importance. The CANA News agency provides news in a most timely manner for which the company gained the reputation of a trust worthy news agency. CANA news is well known among the Caribbean region for delivering high quality news (cananewsonline.com 2018). The large expanded network helps the company to be able to deliver high quality news in a most timely manner. In order to maintain the quality, most efficient journalists are hired by CANA news not only from Caribbean regions but also across Europe and North America. In respect to that it deserves mention that CANA News is one news agency whose print version has the largest base of subscriber of more than 500 individuals as well as organizations. The website of the news agency has more than 15000 visitors on a monthly basis. In order to give the readers a better reading experience, CANA news uses animated banner spaces of ads and the graphic elements to design their website.

The major customer base of the company comprises of audiences over newspapers, television and radio while the secondary customer base of thaw news agency are the online audience over the online site. Several news programs are aired over the news channel owned by the company. Being one of the larding news agencies, CANA news also provides news to other news agencies while drawing large amount revenue from the media industry (cananewsonline.com 2018). CANA news also provides regional news on entertainment. The website of the news agency is designed in such a way that separate news is published under concerned section. By delivering facts without distortion CANA news not only establishes the brand image of the company but contributes to the society being significantly. The company is enough popular among the Caribbean region along with other regions in North America and its surrounding areas.

The term entrepreneurship refers to the study of the process of creating new business as well as the process of beginning a new business. In respect to entrepreneurship, the person called entrepreneur is someone who creates the idea or takes the initiate of executing the process of the new idea (Scarborough 2016). An entrepreneur not only actualizes the idea but sets the plan for the business or for the product in a persuasive way so that the end users buy or use the product or service. Thus entrepreneurship consists of the ideas regarding incorporating a new idea in an existing business or a new idea to start a new business (Kirzner 2015). The new idea refers to an innovation that will persuade the end users or customers to use the product or service offered by the business. In order to relate with the concept of entrepreneurship with the business of CANA news, it can be said that the concept of entrepreneurship has been used by CANA news in the most appropriate way. For example, in order to expand the business further, the news agency merged with another news organization (Drucker 2014). At a time, when other media organizations seemed to be biased towards government or seemed to have distorted the truth, CANA news took the initiative of such a business that would deliver true facts without distorting the truth. Another aspect in line with entrepreneurship of the news agency is globalization. The adoption of technology and innovation has been adopted by the news agency in order to give the best service to the audience. For example, the technological innovation was adopted in every means of its business. For example, in order to improve the business process of delivering news in a timely manner, CANA news used all the means of modern technology from printing newspapers to airing news over television, and the online website. In accordance with the advancement of the technology, CANA news also uses the social media platforms in order to engage with its customer or audience. Thus it can be said that the concept of entrepreneurship has been conceptualized by CANA news in the right way and the news agency has been able to serve its purpose in the industry of media.

Concept of Entrepreneurship and Innovation in the Business of CANA News

The “Caribbean Media Corporation (CMC)” was set up in 2000 as consequence of a merger between the “Caribbean Broadcasting Union (CBU”) and the Caribbean News Agency (CANA). These are some of the networks of the news agency with which it works. CMC views itself as both an outgrowth of the provincial combination development and an instrument for encouraging nearer reconciliation. A one of a kind multi-media association, CMC was conceived out of a craving to energize media incorporation as the Caribbean islands, rising up out of the remnants of imperialism looked to build up the suitable framework for coordinating their natural economies (Cardoso 2016). Situated in Barbados, CMC gives a print and TV news service to its customers and is the first autonomous media foundation in the Caribbean. Therefore the Caribbean community and the people are also a part of its network. Its main goal is to be a client centred, development situated organization devoted to Caribbean progression through the auspicious arrangement of excellent news, games, data and related administrations. CMC gives inside and out reports of the financial and political issues and has journalists all through the English and Dutch speaking Caribbean, and additionally in the Diaspora of North America and Europe. The CMC print product – “CANA News” – has a subscriber of more than 500 people. The site offers various kinds of advertisement opportunities which includes banner ads and animated advertisements space. Its regular client base includes daily newspapers, radio and TV frameworks, local and worldwide companies, governments, organizations and discretionary workplaces. Notwithstanding giving Caribbean Newsline (CNL), a 30 minute TV news and games package and "The Caribbean In 10" a 10 minute noon news package, five days week after week. CMC through its telecom company, CARIBVISION, attempts unique assignments for the benefit of customers needing to come to a wide and differing demographic. Therefore it is understood that the commercial ad givers and spenders in marketing are also networks of this news agency. The people form the social network of the business who are associated as subscribers or viewers of the particular news agency. The stakeholders who directly impact in news input are the reporters and the stringers. Many of these people work as freelancers, therefore it is possible for them to provide to various news companies and agencies. While broadcasting foreign news the company must have association and link with other foreign media entities that will supply the news material to them from foreign countries. It is obvious that in return the media agency has to provide local news to those foreign media houses. Therefor the networks include the reporters, the stringers and the news agencies of foreign countries.

Networks Related to the News Agency: Stakeholders, Foreign Agencies, and Social and Commercial Networks

Media regulation is the control or direction of broad communications by governments and different bodies. Every country have their own regulations on the media bodies working within the borders of the country. On the other hand there also international laws that are there which provide framework of regulations which the internationally working media agencies must follow. These regulations, through law, guidelines or strategies, can have different objectives, for instance intercession to secure an expressed interest of the public, or empowering rivalry and a viable “media market”, or setting up basic specialized standards. The important focuses of media direction are the press, radio and TV, however may likewise incorporate movie, recorded music, link, satellite, stockpiling and broadcast innovation, the web, cell phones etc (Rotmeijer 2018). The media frameworks in Caribbean nations are twin-duopolistic with ground-breaking open administration broadcasting and sometimes powerful government intercession. Newspapers began early and grew exceptionally well without state direction until the 1960s. The ascent of the promoting business helped the most popular daily newspapers develop progressively, while the smaller papers were battling at the base of the market. In view of the absence of decent variety in the daily newspaper industry, the local Government made a move, influencing the genuine the right to speak freely, which is freedom of speech. Recently the government began to give controlled sponsorships to little nearby newspapers, but this strategy was not ready to tackle the issue totally. However the newspapers must be following certain norms and cannot exercise or enjoy ultimate freedom. The fundamental establishment of Caribbean regulation of the media sector is to guarantee the right to speak freely, basic pluralism, national dialect and culture and the assurance of kids from unsafe media content. Relative administrative impetuses incorporates the Media Ownership Law, the Broadcasting Act, and the Editorial Independence The regulations on media expressed that an essential start of every single Caribbean administrative authorities is that news media fills in as an oppositional power to control. The condition for news media to accomplish this part is the quiet condition of assorted variety of publication possession and free discourse. The worldwide regulation of new media advancements is to guarantee the social variety in media content, and give a free space of community and different assessments and thoughts without control. Additionally, the regulations shields the freedom of media possession from predominance of powerful and rich companies and associations, and guards the media from business and political hegemony. The business must be following all government rules and norms in order to continue with the business and maintain level playing field. Apart from that the laws regarding media keeps on changing, the organisation must be aware about these changes and it must keep itself updated about what are the latest rules and regulations that has been imposed. In the field of media, relative enactment must be presented as quickly as time permits. The media agency must be also following ethics that are followed internationally in media sector while covering news and being impartial in dissemination of news. The reporters must be careful of not hurting the sentiments of the people while reporting and not to disrespect any public office.

Media Regulations and Their Impact on Communication Industry

Media plays a significant role in shaping the perspective of the common people, the language the connotation, the tone that the media uses in order to communicate a piece of news is important as it defines how the people will perceive the situation (Iggers 2018).  Therefore it is very essential for such media houses like Caribbean Media Corporation to enforce and ensure there is ethical consideration in each piece that they produce. There are several roles that such media houses play in communication such as gate keeping and filter.  There are also several protocols that media houses have to follow in order to run the issue, for example the images of charred bodies are blurred or any other disturbing images are blurred. A business of a media house that is responsible for sending across news must adhere to some of the basic ethical considerations such as:

 the reporter or the journalist whoever is responsible for sending cross a message should only state facts and make sure that the language that is used does not show any kind of opinion or biases of any kind. The show of sympathy or emotion regarding any piece of news should be avoided. There are specific areas such as editorials and opinion pieces which should be mentioned. In these sections the journalists have the liberty of producing their opinion regarding a topic (O’Neill  2013).

It is very essential to keep the facts that have been gathered as it as and produce it to the readers. The reporters or journalists should ensure that the information that they have got from their source is authentic in order to do so they have to check and re-check before reporting. Stating facts which are false can lead to legal allegations and may also lead to defamation cases.

There are different rules and regulations regarding media houses in different countries and media houses must respect and respond to the same. Some countries have lenient regulations whereas there are countries where the freedom of media is curbed by the government. In such cases the media houses should stay within the limits of their jurisdiction and operate in order to continue performing their responsibility of reaching out to the people and providing them news (Christians and Ward 2013).

A media houses is a business organisation and in order to run the business the company will require financial aid, thus it is important for such companies to operate successfully. There are articles which are actually paid to write for, these must be given a specific area so that the readers may understand that it is a part of advertisement and there are only pros of the situation (Couldryet al. 2013).

Caribbean Media Corporation has been operating since 2000 and the organization has over the years gathered reputation and goodwill among the readers and the stakeholders. The company adheres to the norms and conditions of the country and develops news for the common people (Cananewsonline.com 2018). 

Conclusion

To conclude it will be right to state that the paper gives an analysis of the business of a media organization and the contribution of the media organization in the society. Media plays a crucial role in any country. While strengthening the society, media shapes and creates public opinion. Thus the role of media is very crucial within a society.  In the similar manner, media also contributes significantly in the growth of any economy. The media industry occupies a considerable share in the economy of a country. Since it generates a considerable amount of revenue to the industry ensuring the growth of a company, the media business must use corporate strategies in order to assure its success within the business sphere. Therefore it will be right to state that media business can be very beneficial if it is done according to the business strategies. Thus in order to proceed to further discussion, a reputed news agency of Caribbean island will be discussed in line with its business process. Established in the year of 1976, the Caribbean News Agency is one of the leading news agencies of Caribbean region. Located in Barbados, the news agency was founded as a scion to the Reuters Caribbean services and later merged with Caribbean Broadcasting Union. In the year of 2000, the Caribbean News agency along with Caribbean broadcasting Union merged and formed Caribbean Media Corporation. Since its early days, the news agency has been serving for the people. It has marked itself as a unique media agency creating as well as shaping the public opinion while at the same time strengthening the society.  The whole course of the business will discuss several aspects related to business such as entrepreneurship, theories of network, and practical relationships of the business with other several networks in the business world. The report begins with discussing the historical, social and economical context of the news agency. In addition to that, the concept of entrepreneurship has been discussed in detail.

References:

Cananewsonline.com., 2018. About Us. [online] Cananewsonline.com. Available at: https://cananewsonline.com/main/about-us/ [Accessed 29 Jun. 2018].

Cardoso, L., 2016. Media, Sound, and Culture in Latin America and the Caribbean ed. by Alejandra Bronfman, Andrew Grant Wood. Latin American Music Review, 37(1), pp.123-125.

Christians, C.G. and Ward, S.J., 2013. Anthropological realism for global media ethics. In Ethics of Media (pp. 72-88). Palgrave Macmillan, London.

Couldry, N., Madianou, M. and Pinchevski, A. eds., 2013. Ethics of media. Springer.

Drucker, P., 2014. Innovation and entrepreneurship. Routledge.

Iggers, J., 2018. Good news, bad news: Journalism ethics and the public interest. Routledge.

Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.

Minto-Coy, I.D., 2015. Policy and Regulation of the Caribbean Communications Industry. Public Administration and Policy in the Caribbean, 180, p.357.

O’Neill, O., 2013. Media freedoms and media standards. In Ethics of media (pp. 21-38). Palgrave Macmillan, London.

Rosenberry, J. and Vicker, L.A., 2017. Applied mass communication theory: A guide for media practitioners. Routledge.

Rotmeijer, S., 2018. ‘Words that work?’Practices of constructive journalism in a local Caribbean context. Journalism, p.1464884918770555.

Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management. Pearson.

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