Premium Essay

Evolution of News Media

In: Business and Management

Submitted By mygstrings
Words 2322
Pages 10
Before the invention of new media, traditional media was largely a capital intensive business, reserved for those with power and access to multi-billion dollar presses and expensive physical distribution systems, costly audio-visual recording and government liscensing (Chia, 2011).

Not only has new media disrupted the old conventional model by reducing the barrier of entry to extraordinarily low levels, it has also challenged the commercial model that funds traditional news media gathering and adversely gained tremendous recognition as an essential platform for information dissemination and acquisition (Koh, Lim, Ng, Detenber and Cenite, 10/08/2005). As one of the most wired nations in the world, the Singapore media industry sees audiences and advertisers alike, moving away from traditional media towards digital media (Choo, 12/08/2013); where news from myriad sources is available free of charge and where advertisers have a wide range of options for reaching consumers, including cost-effective online advertising and online retailing.

In Singapore, traditional news media are primarily represented by two companies, one owned by Temasek (MediaCorp), one of the state’s sovereign-wealth funds, and the other (Singapore Press Holdings) that is government-centric through close monitoring and regulation. Now forced to compete with a vast spectrum of new publishers such as WikiLeaks, giant news aggregators like Yahoo, MsN and Google News as well as millions of bloggers of whom are empowered by the new abilities of multi-way communication. Transmission of news media has resulted in eroding the degree of editorial influence over the public’s issue agenda as well as erecting yet another barrier to effective citizen involvement in politics. This contemporary incarnations of internet news are subtly, but consequentially, altering the way that the news media set the public’s…...

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