"Understanding Media Economics provides a clear, precise introduction to the key economic concepts and issues affecting the media. The book: explains the fundamental concepts relevant to the study of media economics; considers the key industrial questions facing the media industries today; relates economic theory to business practice; covers a wide range of media activity - advertising, television, film, print media, and new media; and looks at the impact of economics on public policy. The Second Edition of Understanding Media Economics is has been fully updated, and offers a stimulating perspective on the contemporary media environment. This book remains an essential purchase for all students of the media and mass communication."--Publisher website.