David Hesmondhalgh: cultural theory

• Hesmondhalgh says that Cultural industries are extremely high risk
• Hesmondhalgh says that Cultural industries should try to maximise audience whilst minimizing risk
• Some of the biggest threats to cultural industries are changing consumption patterns, a lack of control over reviews / promotional material of competitors and the idea that for the amount of money spent to make the products, rewards are one time
• To decrease risk, Hesmondhalgh says that Cultural industries can implement horizontal and vertical integration or use formatting which includes, star power, genre and serialisation
• Horizontal integration is when a business takes over a competitor or business that operates at the same layer of production or diversification into different industries
• Vertical integration is where a business takes over a business that works at a different layer of production