Abstract
Compared with other fields in management and economics, the specialization in media as an established subdiscipline is relatively young. Thus, the publication of the first edition of the first ever Handbook of Media Management and Economics in 2006 became a milestone that, according to the editors of the first edition, Alan B. Albarran, now emeritus professor of media arts at the University of North Texas, Sylvia M. Chan-Olmsted, professor in the department of media production, management, and technology and director of consumer research at the University of Florida, and Michael O. Wirth, now dean emeritus of the college of communication & information (CCI) and professor emeritus of journalism and electronic media at the University of Tennessee, Knoxville, was to achieve two primary goals: (a) assess and capture the state of knowledge in the field of media management and economics (MME) and (b) establish a research agenda for the next decade (Albarran et al., 2006). The handbook became an invaluable resource for the growing group of scholars in the field wanting to learn about the history and theoretical dimensions in MME, as well as what makes the media industries so special in terms of products, market developments, media business operations, or their global scope. In addition, the handbook served as the accepted reference for the recognized and maturing knowledge and literatures in MME that had been missing at the time. As such, it also complemented the three MME journals that had recently been established: the Journal of Media Economics (1988), the International Journal on Media Management (1999), and the Journal of Media Business Studies (2004). As anticipated by the editors, the next decade saw a growing stream of research following and adding on to the handbook’s proposed research agenda.
As the media industry’s business models have been continuously disrupted by rapid technological developments and permanent changes in audience behavior and media consumption, media organizations now manage incessant change as the new norm. Their need for adaptable and agile strategies, cultures of entrepreneurship, or the implications of new technologies led to significant implications for scholarly research with calls to reflect the industry dynamics. The handbook now has a second edition, published in 2018 and again edited by Alan B. Albarran, this time joined by Bozena I. Mierzejewska, an associate professor of communications and media management at Fordham University, and Jaemin Jung, professor and chair in the graduate school of information and media management at the Korea Advanced Institute of Science and Technology (KAIST) in Seoul, South Korea. The main objectives and the organization of the handbook remain unchanged, yet geared at a new decade, in capturing the state of MME research and enlightening the path of future research.
The handbook starts out with the section “MME Research: Foundation and Overview” that covers the history of the field and central foundations of MME research. The new edition adds the status of MME research in Europe, Asia, and Latin America to provide a broader international perspective. A future edition of the handbook could also include a chapter on MME research in Africa to increase its global reach. The second section addresses “fundamental issues in MME research” that encompass managerial functions such as human resources, finance, marketing, advertising, branding, and strategic management or the operations of content production and distribution. As in the previous edition, the third section includes chapters on “emerging issues/areas of inquiry in MME research” and uses the opportunity to capture the latest developments around media innovation, media entrepreneurship, mobile media, social media, multiplatform approaches, and globalization. The fourth section focuses on “analytical tools in MME research,” which have sprouted since the 2006 edition, with big data causing major changes, for example, in audience measurement and analytics or advertising. The final section looks at “future directions in MME research” with separate chapters being devoted to media management and to media economics.
The handbook is a comprehensive and insightful anthology that provides an in-depth analysis of the current state of MME research. It is a go-to resource both for emerging and experienced scholars who want to gain insights into the central topics in MME research and understand the complex challenges of the rapidly evolving media industries. The second edition offers a significant update to the previous version, with new chapters on digital media, social media, and global media.
The Handbook of Media Management and Economics truly is a seminal work because it not only covers a wide range of topics but also includes traditional and emerging media, market dynamics, audience behavior, media organizations, technology, and the global media landscape. The contributors are well-known experts who provide diverse perspectives and approaches to MME. Both editions of the handbook have been widely cited and used as a reference in MME research and teaching.
However, given the overly dynamic and interdisciplinary nature of the field of MME, any handbook is challenged with losing relevance more quickly than in other disciplines. New publications focus on digitalization and its impact on media management more strongly (e.g., Noam, 2019). Current debates resonate around where the MME field is heading (e.g., Rohn & Evens, 2020), disruptions of the media sphere, or the apparent disconnect of MME research from general management research (Baumann, 2020a). Similarly, media entrepreneurship and media venturing or a discussion of business models beyond the traditional realms of journalism and broadcast media or data-driven B2B business models (Baumann, 2020b) are still underrepresented in the handbook. Nevertheless, the Handbook of Media Management and Economics stands out as one of the most comprehensive and influential works in the field of MME research.
