On the transformation of the classical model of the media economy in the context of digitalization and deglobalization

This study examines the nature of the media economy as an integrating unit within the system of media and journalism theories, considering the context of digitalization and deglobalization. It offers a conceptual understanding of the deglobalization process and its role for media systems. Key works dedicated to media economics and editorial management are reviewed. The definition of an adaptive-digital paradigm of the media economy is substantiated, reflecting the author's perspective on this subject area within the context of digitalization, digital transformation, and deglobalization. The reasons for the formation of such a paradigm are explained. Several specific concepts of the modern media environment's economy are identified and unified within the adaptive-digital paradigm. The contemporary media environment's economy, within the contexts of digitalization and deglobalization, emerges as significantly larger in terms of financial flows and more powerful in its communicative influence across various areas of life. Simultaneously, this media economy is a decentralized, glocalized, high-tech, dynamically changing phenomenon with a sprawling system of entirely dissimilar segments. In light of this, a new definition is proposed for media and journalism theory: the "adaptive-digital paradigm of the media economy". Firstly, this paradigm is linked to the digital turn; it is evident that ongoing digitalization processes and digital transformation itself will further impact the transformation of media markets. Secondly, these concepts and theories should not only reflect the essence of today's media-economic processes but also attempt to transform in response to changes in the socio-political and socio-economic landscape of a given media market. Thirdly, this paradigm should be based on entirely new cultural, political, technological, and economic aspects. Fourthly, the adaptive-digital paradigm, like media management, is an integrating system; within this paradigm, interaction occurs between different entities in this subject area. Fifthly, a mix of business models in the media business can become a defining characteristic of the new theoretical integrating phenomenon. A crucial aspect in the formation of this paradigm is considering the political and legal specifics of a particular country or nation, as well as incorporating platform media into this authentic media-economic model. New theoretical approaches to the media economy allow for a deeper understanding of the transformations occurring in the industry and offer tools for analyzing and forecasting future trends in relation to the technological and sociocultural context. The author declares no conflicts of interests.

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