Prior to digitalisation, the vertical structure of the market for recorded music could be described as a large number of creators (composers, lyricists and musicians) supplying creative expressions to a small number of larger record labels and publishers. These funded, produced, and marketed the resulting recorded music and subsequently sold these works to consumers through a fragmented retail sector. We argue that digitalisation has led to a new structure in which the retail segment has also become concentrated. Such a structure, with successive oligopolistic segments, can lead to higher consumer prices through double marginalisation. We further question whether a combination of disintermediation of the record labels function combined with 'selfpublishing' by creators, will lead to the demise of powerful firms in the record label segment. If so, this would shift market power from the record label and publisher segment to the retail segment (and new intermediaries such as ISPs), rather than increasing the number of segments with market power.

SUMMARYIn this paper the allocation of time between alternative leisure activities is considered. This question typically has not been considered in the economics literature to date. International football tournaments provide an opportunity to consider consumers' preferences for watching football and films in a quasi-natural experimental setting. Hence, the impact of these mega sports football events on cinema admissions is considered, testing to see if they can be considered substitute leisure activities. To the extent that cinema admissions fall during the periods of major international football tournaments, a further cost to the entertainment industry of large-scale sporting events not previously considered in the economics literature may be identified. Using an original dataset comprising six years of data for four countries whose national men's football teams had very different levels of success in the football World Cup and two European Championships covered by the period of the dataset, and using a Difference-in-Differences methodology, results strongly support the idea that per capita box office revenues decrease when mega sports events take place. ABSTRACTThe allocation of time between leisure activities and work has been extensively analysed in academic literature. However, leisure time is limited and there may not be sufficient time to enjoy all the leisure activities desired. Hence, this paper considers the allocation of time between substitute leisure activities. International football tournaments provide an opportunity to consider consumers' preferences for watching football and films in a quasi-natural experimental setting. A trade-off between these leisure activities is identified using a Difference-in-Difference methodology. Using an original, four country dataset, a large and robust negative effect of mega sports events on cinema admissions is identified.

This paper explores the structure of the book publishing industry post-digitalisation, analysing the choices of the publishers and authors. The introduction of successful e-book readers has belatedly given digitalisation the characteristics of a disruptive technology by making selfpublishing a serious option for authors. This has been supported by the entry of new types of intermediaries and the strengthening of others. These changes have reduced the general requirements for an author to get a book self-published. As a result, a larger share of the surplus from the book industry is likely to go to authors, explaining the significant increase in the supply of books. The potential over-supply of books has created a new problem by increasing competition and making consumer searches more difficult. We argue that digitalisation has shifted the potential for market failure from an inadequate supply of books to asymmetr ic information about quality. It remains to be seen whether the market will provide appropriate intermediaries to solve the asymmetric information problem.

To cite this article: Izquierdo-Sanchez, S & Shaw, A (2022): Analysing pre-release consumer buzz and information cascades within the film industry: are there differences by gender and age groups? Journal of Media Economics (In Print).

This paper explores the structure of the book publishing industry postdigitalisation. We argue that the introduction of successful e-book readers has belatedly given digitalisation the characteristics of a disruptive technology by making self-publishing a serious option for authors. This has been supported by the entry of new types of intermediaries and the strengthening of others. These changes have reduced the overall complexities for an author to get a book self-published. As a result, a larger share of the surplus from the book industry is likely going to authors, explaining the significant increase in the supply of books. The potential oversupply of books has created a new problem by making consumer search more difficult. We argue that digitalisation has shifted the potential market failure from inadequate supply of books to asymmetric information about quality. It remains to be seen whether the market will provide appropriate intermediaries to solve the associated asymmetric information problem and, if not, what appropriate interventions should be contemplated.