“CNN shut down its hispanic language news Website last month”
When Supply Exceeds Demand
TV News in a Postmodern World (12)
Terry L. Heaton (internews)
The business world likes the law of supply and demand, because it provides companies with a modicum of control in a mass marketing paradigm. They can raise demand through advertising and public relations, and they can limit supply by reducing manufacturing. Hence, supply and demand form a control panel, the knobs of which businesses tweak and manipulate to make a profit. For all our talk about “the market” setting this, that or the other thing, the truth is that the law of supply and demand is why God made MBAs.
But along comes that rascal, the Internet, and messes everything up. The law of supply and demand may be immutable, but in the Internet’s networked economy, the ability of businesses to manipulate it vanishes. This poses great difficulties for institutional Modernism, and it’s at the bottom of why CNN has decided to wait for “new business models” to emerge. Supply is out of control. There are just too many information options for Internet users these days, regardless of their language preference (and if you can’t find it in your language, you can translate it for free!). It’s the supply side of the law that’s gone to seed, and the real question CNN and many others are asking is, “How can we control it.”