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Uncertainty is a fact of life today everywhere. It's not a local matter limited to one or two sectors but a global scenario that engulfs the world in its glum grip. The largest footprint of that can be seen in the investment reticence in general. They are cautious and few would be expected to enter in the non-profit sectors now. Which is why, it's a bit odd that media houses are continuing to emerge even though the economic skies are not full of robust profit bearing clouds.
MEDIA INVESTMENT PATTERNS
In the post 1971 period, media went through from a beleaguered situation in the 70s but in the 80s as private capital began to grow so did media outlets.
As Bangladesh crossed its first decade, the growth accelerated and media became a good vehicle for gaining social capital, often needed to bolster financial ones. This fact is critical to understand the media structure because investors are not in it for economic profit. In some cases, media outlets do make money but that's an extra bonus as ownership of media serves as a tool for gains that can't be made in the economic market but helps strengthen their clout elsewhere.
That doesn't mean that the media is a charitable venture. Far from it. It assists the investors in accumulation of social capital which provides a great deal of prestige as owners, publishers and Editors. This provides them with a significance that in turn helps economic growth indirectly.
It's against this background that the continuance of newly emerging media outlets amidst economic stressed times needs to be examined.
OF MEDIA AND POWER STRUCTURE
After the 90s, various ruling class segments began to consolidate themselves as institutions matured.
Generally speaking, the ruling class in Bangladesh is made up for segments. Two are state power holders- civilian politicians and members of the armed forces when they take over politically. Plus there are two critical associate segments that play facilitating roles. These two are the bureaucracy and the business community. These four segments together make up the socio-economic glue that keeps politics together.
Co-operation and co-ordination among these four forces is essential if the state structure is to be maintained. Within this power structure the media plays a role of negative and positive trigger providing. Professional media now increasingly shares the information space with social media but has over time become a critical player and ingredient in the power games that all politics has.
It's in this context or at least in part, that the answer to the puzzle of growing media in the era of uncertainty has to be sought.
GROWTH AMIDST STRESS?
Fact is, while new outlets are arriving, many of the older ones are under considerable economic stress. This is only to be expected as the world is experiencing political shocks including war that has had negative economic impact. Hence, the general economic landscape in Bangladesh like everywhere else is somber.
This has affected the media's revenue generating mechanisms including consumer products advertisement. Several media houses have had to scale down their operations and lay- offs have been noted. This is happening in other sectors as well, which is why the rise of new media outlets may seem like a puzzle.
IS THE OWNING CLASS CONFIDENT?
Three possible speculative answers can be made why media houses are rising despite the globally weakened economy. Insiders are of the opinion that the owning class in Bangladesh is far stronger than thought of. While the middle has been badly hit by the price rise and other difficulties, the owning class remains less vulnerable.
The media outfits and their role remain the same in the current model of gathering social capital for economic gain. Thus the demand for the media's role remains. Hence they see media investment as a longer term matter which is inevitably going to provide yields sooner or later.
Another aspect is that a media outlet's product identity is also useful for branding even in difficult times. This gains greater value as the need for marketing social-political products grows.. Since most economic decision-making does involve a chain process, to be outside the chain or loop is to take economic risks that are not worth it. And the media offers membership in the loop.
So immediately or in the next year or so, branding of governance products can be very useful. By providing worthy media products, it can significantly contribute to the security of the owning class in a pre and post transition world.
Finally, although the business community is fairly close knit and have common causes, they also have internal conflicts which have grown over the years as the sector has become very profitable. Several media-based conflicts between major business houses were noted and media management of news concerning this class is needed now. So having a tool to act as a manager of hostile content is an important demand of major business players.
CONTINUITY OF MEDIA POWER?
It's obvious that if investment is coming in, the need for an indirectly profitable sector like the media exists. It also means that the capital investors have a measure of confidence in the economy in the longer run. However, the media is not just about the owners but the professionals and workers who also need some protection in such times. So guarantees of both performance and protection of services should be added to the regulatory framework governing the Bangladesh media world where optimism at the top exists despite all odds.