Anderson, Simon P.; Gabszewicz, Jean J. - In: Handbook of the economics of art and culture : volume 1, (pp. 567-614). 2006
Media industries are important drivers of popular culture. A large fraction of leisure time is devoted to radio … incurred for these media. They are also mainly supported by advertising revenue. Early work stressed possible market failures …. The business model for most media industries is underscored by advertisers' demand to reach prospective customers. This …