VITAMEDIAS
Myth of the media giants: Far from controlling our cultural lives, major media conglomerates struggle to keep up with consumers' fickle tastes, and most earn poor returns
Seven large multinational corporations (Viacom, Sony, News Corporation, AOL Time Warner, Disney, Vivendi and Bertelsmann) account for much of the culture sold in North America. For instance, they comprise more than three-quarters of the market for recorded music. These companies have extended their reach into television, books, movies, sports and computer games as well.
But let us set the record straight. Far from controlling our cultural lives, these companies are more commonly the victims of the marketplace.