Thunder down under: Australia's TV disaster
William Phillips
Perfect competition exists in television no more than in most industries, but Australia has been experiencing a condition closer than most to the ideal which some economists cherish. Three long-established networks, already relieved of most public service burdens and given an easy ride by friendly politicians, were acquired by big-spending newcomers in 1987. The public was given what it was deemed to want with a vengeance for two or three years.
Neither the audience nor the advertisers were impressed. Viewing declined; extra revenue was not forthcoming. Two of the three networks have...