November 22, 2006

How much is your time worth?

Something to think about?

Picard (1989) explains that media industries are unique in that they function in dual product market. That is, although media companies produce one product, they participate in two separate good and service markets. In the first market, the good may be in the form of a newspaper, radio or television program, magazine, book or film production. The good is marketed to consumers, and performance is evaluated in different ways. [...] However, all media products require the use of individual time (a scarce resource) in order to be consumed. The second market in which many media companies are engaged involves the selling of advertising. (27)

Albarran, Alan B. Media Economics: Understanding Markets, Industries and Concepts. 2nd ed. Ames, IO: Iowa State Press, 2002.

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