Free Market Of Ideas Or Free Market Of Money? Media Capital And The Financialization Of Corporate Media In Kenya

Abstract

The idea that the media can only effectively play their watchdog role in the society if they operate in a free market independent of government control is near universal. This conception of media performance, which has come to be known as the market model treats the media business like any other business. The logic of market competition and the search for profits will ultimately provide the public with what is best through the ‘invisible hand’ of demand, supply and self interest.

This study examines the weaknesses of this free market of ideas logic in regulating media performance in Kenya. The study’s main argument is that as much as the government has been a major threat to media freedom in Kenya in the past, it is no longer, in the new liberalized media environment. Its time focus shifted to how the market can be a major threat to media freedom through corporate control of media. Corporate ownership and control of the private media in Kenya has led to concentration of media ownership and monopolistic competition with advertising as the major driving force. This has in turn translated to more entertainment and sensational media; a strategy to deliver the largest number of consumers to interested advertisers. Lost audiences mean lost profits.

Through a qualitative content analysis of the programming of two favourite radio stations in Kenya, (Classic 105 and Kiss FM) and semi- structured interviews of the producers in these two radio stations, the study seeks to find out what factors influence programming decisions between 6 AM and 6PM. Its on the basis of this that the study will establish if the clamour for de-regulation of the media in Kenya has led to a free market of ideas or a free market of money as media fiercely compete for advertising revenue