CONCEPTUALIZATION OF THE DIGITAL MEDIA MARKET IN THE CONTEXT OF THE WORLD ECONOMY
Abstract. The advent of new technologies, such as portative computers and the internet, favoured the formation and development of a new market — digital media market. In the past 15 years technologies have grown exponentially within media and entertainment, fundamentally affecting film, television, publishing, music and video games industries with new competition, innovative business models and new product landscapes. Thus, the digital media market, with its disruptive influence and growth potential, requires the comprehensive explanation and definition. The article raises a problem of digital media market lacking its clear conceptualization in the context of the world economy.
The article provides a thorough analysis of existing researches of the digital media market and the overview of its place in the modern industry classifications. The authors enunciate their own up-to-date definition of digital media, which is the following: “Digital media refer to products and services in the digital format, produced by the media and entertainment industry group (according to The Global Industry Classification Standard), which can be created, viewed,
distributed, modified and preserved through different digital devices.” The following structure of the modern digital media market was compiled: it consists of 7 segments, namely video-on-demand, video games, e-publishing, digital audio, social media, search engines and digital advertising.
Key words: digital media, digital media market, media and entertainment industry group, video-on-demand, video games, e-publishing, digital audio, social media, search engines, digital advertising.