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Table Of Contents

1 EXECUTIVE SUMMARY
1.1 Purpose and Scope
1.2 Structure of the Report
1.3 Defining Markets
1.4 Market Definition Issues in Media
False problems
1.5 Framework for Defining Markets in Media Cases
Weaknesses in the traditional tests
False solutions
Key steps for market definition
Developing operational guidance
2 METHODOLOGICAL ISSUES
Definition of the media sector
Economic characteristics of media industries that affect market definition
Economies of scale and value-based pricing
Inter-related markets, advertising and free content
Stages of production
Rapid change and convergence
Structure of the section
2.2 Price Discrimination
The role of price discrimination in the media sector
Market definition issues
The case of price discrimination by customer group
The case of price discrimination through versioning
Examples
Geographic price discrimination by cable franchise area
Versioning of books as paperbacks and hardbacks
Versioning of movie releases
Temporal discrimination for durable content
Summary of methodological issues
The role of bundling in the media sector
The case of bundling to extract consumer surplus
The case of bundling as a form of entry deterrence
Substitutability between bundled and unbundled supply
Analysis of complements and secondary markets
Bundling of pay-television and telephony
Bundling of broadband content
Bundling of academic journals
2.4 Advertising and Free Content
The role of advertising and free content in the media sector
Treating advertising space as access to an audience
Treating advertising as content
Markets for the supply of free content
Competition between free-to-air broadcasters
Competition between a pay-television operator and free-to-air broadcasters
The role of gateways in the media sector
The case of gateways in distribution
The case of gateways resulting from network effects
The case of content gateways
Markets for gateway services
Defining markets in which there is no trade
Digital television platforms
Refusal to supply content to an Internet portal
The role of rapid change in the media sector
The role of convergence in the media sector
3 PRACTICAL ISSUES
3.2 Key Steps for Market Definition in Media
The need for a structured approach
Proposed key steps for market definition analysis
3.3 Definition of the Relevant Products
Overview of issues
The case of joint production
The case of groups of similar products
The case of potential products
The case of in-house production
The case of price discrimination
The case of non-contractual trade
The case of access to an audience
Treatment of geographic and other dimensions of market definition
Summary of practical issues
3.4 Assessing Substitutability
Use of product and production similarity
The hypothetical monopolist test in the absence of data
Analysis of substitutability with new distribution channels
Use of consumer survey evidence
Illustrative methodology for the analysis of switching costs
Analysis of substitutability induced by characteristics other than price
3.5 Cross-checking with Other Evidence
Use of price differences to define markets
Use of market definitions from different stages of supply
Impact of rapid change on use of recent substitution evidence and precedents
4 CONCLUSIONS
4.1 Why Define Media Markets?
4.2 The Structure of Media Markets
Markets must be defined in terms of trade, not undertakings
Markets in which there is no trade must sometimes be defined
The most relevant market may be at a different level in the chain of production
There may be many relevant markets containing a single product
4.3 Defining Media Markets in Practice
APPENDIX 1: THE CONCEPT OF MARKET DEFINITION
Introduction
Economic Markets and Relevant Markets
The competitive price standard
Reconciling the Concepts
The competitive process and competition law
Using the hypothetical monopolist test
The role of market definition in the economic analysis of competition
Practical constraints on the specification of relevant markets
Perennial Market Definition Issues
Significance thresholds for hypothetical price increases
Market definition under hypothetical conduct or prices
Supply-side substitutability
Non-uniqueness of relevant market
Chains of substitution
APPENDIX 2: CHALLENGES TO THE TRADITIONAL FRAMEWORK
Theories of Competition in the “New Economy”
Market Definition as Unnecessary
Market Definition as Potentially Harmful
Alleged Weaknesses of the Hypothetical Monopolist Test
An Alternative Hierarchical Approach
Conclusions for the Media Sector
APPENDIX 3: CATEGORISATION OF TRADITIONAL TECHNIQUES
Direct Assessment of Substitutability
Residual Demand Analysis
Inferences from Market Outcomes
Interplay between Techniques
APPENDIX 4: BIBLIOGRAPHY
Articles, Books and Speeches
European Commission Competition Decisions
Other Competition Decisions, Judgements and Reports
Official Publications, Notices and Guidelines
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KD5203918ENS_002

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Published by Liliana Obada

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Published by: Liliana Obada on Sep 06, 2010
Copyright:Attribution Non-commercial

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10/31/2011

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