IntroductionMass media today is separated into two types , traditional media and new media. Mass media reaches out to large audiences. In mass media today , new media is used more often.New media dominating the market, traditional media suffering losses . Print like newspaper and magazine, records CD, books, DVD, television and radio has been over taken by Citizen Journalism, online magazines, e-books , online streaming , making ones own playlist or streaming DJs. New media has cut costs for production but it has also impacted many artists, record companies, Dvd and music retailers, authors , press companies and broadcasting stations negatively. It has harmed their revenue from traditional methods and forced them to adapt to the internet to survive in the entertainment industry.Traditional mediaPrint and BooksNewspaper has been affected heavily. The presence of new media and the Internet in particular, has posed a challenge to conventional media, especially the printed newspaper. It has been concluded that the newspaper industry in the U.S is having such a hard time that can be a financial crisis. (Salman,Ibrahim,Abdullah,Mustaffa and Mahbob 2011) This leads to U.S Newspapers seeking help from their government. They were allowed to recoup taxes on profits they paid on profits earlier this decade to help offset some of their current losses. This is what they put forward to the Joint Committee of Congress. (Mahmud.2009)With declining sales and production, newspapers also have to compete with free content online by online journalisms and the ever trending social media. Where as a newspaper comes out every day or every week, New media news comes out rapidly and printed newspaper do not have the luxury of the time of being produce so fast. People are interest in news but by the time consumers purchase a physical copy it is not news anymore but history.The decrease of viewership has ceased to attract advertisers and advertisers find it preferable to opt for online advertisements instead. The print media industry could not compete with the competitive price offered by online websites with increasing viewership.

Books have had a smoother integration to its electronic counterpart as pros such as low production cost and it can fulfill to a wider range of consumption in the market. An experiment by Kanna,Pope and Jain have concluded the delayed release of the eBooks will cause a insignificant change on hardcover sales but a significant decrease in eBooks sales resulting more profit to the publisher.(Li 2013) To a degree ,online piracy also had a positive effect for book authors. RadioLesser and lesser people listen to the radio now and it has affected the radio industries economy. Revenue, deflation of the value of radio properties and potential job loss is becoming very real if broadcasting radio industry does not do anything about it.A scholarly research was conducted on young audiences. They leaned towards new media over traditional radio in many cases. A study found that traditional radio has a limited utility in the new digital environment where young adults are used to flexibility and choice, including playlist technology for music.(Abramson 2014) The interactive world leaded them to prefer new media as websites like Jango.com that can let them customize their own playlists.Television The film industry also has taken a hit economically but was not as serious as the other traditional Medias. Local film industries lose out to foreign film industries because of the availability and variety of content the internet contains. There then came to the idea of Cable Television that charges monthly subscriptions for the content outside local television content.Record and filmStraits times yet again reported another CD store has closed down. Out of 9 stores, Gramophone is closing their final retail shop at Cathay Cineplex. They have been force to close down due to lack of customers and sales. (Hoe 2013)CNN money reported the figure of the total revenue from U.S. music sales and licensing plunged to $6.3 billion in 2009, according to Forrester Research. In 1999, that revenue figure topped $14.6 billion.(Goldman 2010) This is due to piracy that will be mentioned later.

Media consumptionSmart phones have replaced our mobile phones and in some cases, computer. With a touch of our fingers we can excess information around the world. With connected portable devices like smart phones and tablets, people can instantly access to the media. Consumers need not to rely on a television, or buy newspaper and magazines to catch what is going on in the world.In Singapore 2003, from every 100 people, 53.8 people have access to the internetPeople have access to the internet. In 2013, from every 100 people , 73.0 people have access to the internet. From 2003-2013 there is an increase of 35.7% comparing the past 10 years and later.(The World Bank) A Research was done to the efforts of media consumption and it was found out ages, 18 to 36 spend an average of 17.8 hours a day with different types of media. They only spent 33 percent of their time on traditional media as compared to the heavy consumption in new media.(taylor 2014)Generally 85% of Singaporeans have smartphones and spend an average of 40% of their time on online media each day.(Singapore Business Review 2014) Mobile broadband subscriptions have also grown by 45% annually over the past four years.It is estimated that there are twice as many mobile broadband, as there are fixed broadband, subscriptions. In terms of coverage, by mid 2011, 3G services were available to 45% of the worlds population; 2G services covered twice that volume. This growth has set the foundation for increased access to social networks on mobile channels. (IDA)

It seemed almost inevitable to have new media dominating the market when figures only keep increasing and the world is being digitalized every moment.PiracyBirth of Peer to peer file sharing came from Napster, who made a big impact in the music industry. People loved to notion of free media or inability to have access to it geographically has lead to piracy. This has affected the media industry, decreasing their revenue significantly. World economic recession times caused piracy to boom as people were less inclined to pay for content as they do not have the money.However, there is little success in effort to thwart digital piracy. It has left various stakeholders disgruntled due to either financial losses or by impinging on ideology of consumer rights, free access and creativity expression. (Vida, Irena; Mateja Kos Koklic; Kukar-Kinney, Monika; Penz, Elfriede 2012)Stop Online Piracy Act (SOPA) was not successful when the bill was introduced. (Downes 2012) People were unhappy with the freedom of speech restricted by the bill itself. People were also voicing that free music is a right therefore piracy was not completely wrong. New media then strikes again with an Invention called smart TV. The idea of smart TV boxes is not illegal and this device itself is gaining popularity. Many of these devices hold unlicensed content and have affected cable TV industries. In 2010, Star Hub estimated that there were 5,400 illegal users then with unlicensed content distributed smart TV boxes, which amounted to a $2.6 million loss for the company. (Ho 2013)This creates legal issues to regards of copy right and trouble licensed content holders.Movie piracy causes a total lost output for U.S. industries of $20.5 billion per year, thwarts the creation of about 140,000 jobs and accounts for more than $800 million in lost tax revenue.For the music industry, entering it was easy fame and fortune once. Now only Grammy holders, popular artists can make a fortune they expect. Despite that it was as much as before. Electronic music is generally cheaper than buying a record and the production fee for producing a record was not high. It did not go the same for books. Reimers suggested that someone who reads a pirated version of a book title might recommend the book to his friends, who then purchase legal editions of the book.(Reimers 2014) Bestselling Brazilian novelistPaulo Coelho supports Reimers statement , he shared that he had benefited from his work being pirated online earning him more than 12millions of copies sold.(Flood 2012) Recommendations Business models nowadays often go outdate very fast and mobile related business plans are the most effective as mentioned earlier on media consumption by the Singapore Business Review. The media industry should take this advantage to create their presence on the web and let it known more throughout social media or link up sites. Mobile applications will bring high viewership because of its convenience.Music industry could stress on their loss and hardships to garner support from fans instead of emphasizing loses that the company had. The loss of talent is a human concern that can make empathy to generate sales. Newspaper needs to be more interactive than before and adapt to their digital counterpart to create more presence of the news. Mainstream radio not only playing music they have to announce, radio questionnaires report real time live. Online Djs are increasing but compared to the traditional radio it does not have the creditability of an established station being able to .Radio stations should use their advantage of roving, questionnaires and real time live to attract listeners. By using social media Digital releases should be encrypted. Media companies should have a strong technology partner. Link ups and Collaboration with other media outlets on their Web Pages can create series of interest in a categorization. ConclusionThe media industry activities will be reduced but not shut down completely as people need a reliable production outlet. If the industry refuses to adapt, chances are it will fall to anonymity. It will also cease official traditional mass media platform to connect people together for important news and on goings. Traditional mass media have to survive, it can be a contingency if the internet fails us one day or having no access to the internet. The music industry would have eventually cut costs and pay artists less. This will deter new artists from entering the industry. The media industry will have to create new business models to compete with free content.

References

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