'Globalization involves more intensive interaction across wider space and in shorter time than before, in other words the experience of a shrinking world' (Nederveen Pieterse, J 2004). Technological factors have been a major contributor in allowing for this compression of time and space in terms of information transfer, media flows and capital flows. The world has become an online unit where we source all of our information through media sources. This has led to a shift in the media industry, particularly in news media.
Media empires such as the Rupert Murdoch Empire have had to transfer much of their production into online services. Wikipedia is typically used as a source of information however its credibility is not to standard as anyone can add information to the site (Lih, 2004). For this reason along with the need to cater for the online revolution the Rupert Murdoch News of the World Empire, along with majority of the news facilitators, has expanded into having an online news source. Print media is no longer a dominant source of information as a result of this time and space compression. Breaking news is known within seconds of it occurring and broadcast across the world instantaneously. The following video highlights the transfer of news to online media and the effects it has had on the print media industry.
http://www.youtube.com/watch?v=IZhBYLsa9Ro
On top of the news having an online identity we can also see other industries following the trend. Shopping, business endeavours, marketing and advertising, banking and further communication have expanded into internet options as well. Social media has been a significant tactic used by organisations to target their publics in terms of information and media flows through exposure. News organisations keep the public up-to-date with current affairs through Twitter in particular and Facebook. Facebook is a direct information scape for myself, along with majority of the users who view it is the morning paper, scrolling through the 'news feed'.'Organisations in the public eye could operate with little concern for their interaction with consumers. Now that every consumer online is a commentator, reviewer and publisher, all organisations have to stop talking and start listening to how they are perceived' (Smith, p560). These trends have meant that news empires have to adapt and take advantage of media growth to continue being successful.
Reference List
Lih, A 2004, Wikipedia as Participatory Journalism: Reliable Sources? Metrics for evaluating collaborative media as a news resource, University of Hong Kong, retrieved 5 August 2013, <http://www.ufrgs.br/limc/participativo/pdf/wikipedia.pdf>
Media in a Digital Age 2012, YouTube, University Rochester, 21 February, retrieved 5 August 2013, <http://www.youtube.com/watch?v=IZhBYLsa9Ro>
Nederveen Pieterse, J 2004, ‘Globalization: consensus and controversies’, Globalization and culture: global mélange, Rowan & Littlefield, Lanham, Md., pp. 7–21.
Smith, T 2006, 'The Social Media Revolution', International Journal of Market Research, vol. 51, no. 4, p.560, retreived 5 August 2006, <http://web.efzg.hr/dok/MAR/vskare/kolegiji/im/materijali/The_social_media_revolution.pdf>
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