ABSTRACT
This chapter introduces three approaches to study the business of media: media economics, critical political economy of communication, and production studies. The central objects of study are different: media economists study the economies and markets; critical political economists study capitalism and social relations; and production studies scholars study media work and workers' identity. Despite the differences, the chapter argues that prospective media practitioners can better position themselves in the job market if they are able to examine the business of media from the three approaches. The chapter discusses some common keywords and concepts in the three approaches. Keywords such as industries, markets, and consumers are used in all three approaches even though they are understood and interpreted differently. One reason to explain the differences is that each of the approaches has a specific ontological stance.
