Media economics embodies economic theoretical and practical economic questions specific to media of all types. Of particular concern to media economics are the economic policies and practices of media companies and disciplines including journalism and the news industry, film production, entertainment programs, print, broadcast, mobile communications, Internet, advertising and public relations. Deregulation of media, media ownership and concentration, market share, intellectual property rights, competitive economic strategies, company economics, "media tax" and other issues are considered parts of the field. Media economics has social, cultural, and economic implications. Regular study of media economic issues began in the 1970s but flourished in the 1980s with the addition of classes on the subject at U.S. and European universities. The Journal of Media Economics began publishing in 1988, edited by Robert G. Picard, one of the founding fathers of the discipline. Since that time the field of inquiry has flourished and there are now hundreds of universities offering courses and programs in media economics. Other significant figures in the field have included Steven S. Wildman, Alan Albarran, Bruce M. Owen, Ben Compaine, Ghislain Deslandes, Stuart McFadyen, Gillian Doyle, Karl Erik Gustafsson, Lucy Küng, Gregory Ferrell Lowe, Nadine Toussaint Desmoulins, Achour Fenni, Amanda D. Lotz, and Stephen Lacy.
Within academia, the location of media economics research varies depending upon the tradition and history of the institution. In some universities it is located in schools of business or economics, whereas in others it is located in communication, media or journalism schools (or departments).
The term "cultural economics" is sometimes used as a synonym for media economics but they are not substitutable. Cultural economics includes a wide variety of activities that do not necessarily involve mediated dissemination such as museums, symphonies, operas, and festivals. At times these may cross over into media economic issues, such as when audio or video recordings are made of performances or museum holdings are put on CDs.