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題名 美國訂閱制隨選影音平台的併購案例分析
An Analysis of Mergers and Regulation in the US SVOD Market
作者 吳欣霖
Wu, Sin-Lin
貢獻者 盧建誌
Lu, Chien-Chih
吳欣霖
Wu, Sin-Lin
關鍵詞 訂閱制隨選影音平台
併購
反托拉斯法
Antitrust
SVOD
Merger
日期 2023
上傳時間 2-Aug-2023 14:14:25 (UTC+8)
摘要 隨著影音串流成為主流媒體，美國訂閱制隨選影音(SVOD)市場已逐漸成熟並變得更加集中化。過去幾年「串流戰爭」的出現，使得許多SVOD平台擴大了對內容的投資並試圖透過併購來對抗競爭者。儘管SVOD市場看似競爭激烈，且整合併購有助於提高效率，但對於近來的幾件大型併購案，仍有許多大眾和專業人士提出了市場壟斷的隱憂。由於SVOD具特殊的商業模式及數位平台的特性，且背後多有在媒體及科技領域涉獵多項業務的強大母公司支持，以至於反競爭效果很容易發生在SVOD市場。在此背景下，再加上主張加強競爭法並反對大型科技公司的新布蘭迪斯學派興起，近期的併購案，如迪士尼/福克斯、亞馬遜/米高梅、華納媒體/Discovery等，引發了一系列關於反壟斷議題的爭論。本篇論文旨在探討反托拉斯法和監管法規在面對串流之戰下的併購案時，應扮演何種角色。藉由綜合性文獻回顧及針對亞馬遜/米高梅收購案之案例分析，本研究發現反托拉斯法與監管策略應整合芝加哥學派和新布蘭迪斯學派，採取折衷雙方主張的方式。為了謀取SVOD市場的福祉，須將併購的好處與壞處都納入考慮。數位經濟中普遍存在的長期競爭問題需要被認真審視，然而政府應避免採用激進的結構主義手段，並秉持以消費者福祉為中心的觀念。本研究還認為，針對特定市場問題的事前行為監管可能是解決當前困境的另一種選擇，而在事前監管法規完備的前提下，美國 SVOD市場中的大多數的併購案應被允許。
With video streaming becoming mainstream, the US SVOD market has matured and gotten more consolidated. The past years have witnessed the streaming wars where SVOD platforms increase content spend and seek merger and acquisition to compete. While the SVOD market seems to be competitive, and many integrations could improve efficiencies, several mega-deal mergers had triggered antitrust concerns among the public and professionals. Due to SVOD`s business model, traits of digital platforms, and powerful parent companies that usually have multiple lines of business across the media and the tech sector, the SVOD market is prone to anticompetitive effects. In this context and especially with the rise of the Neo-Brandeis School of antitrust, which advocates stricter antitrust laws and is hostile towards large tech firms, recent mergers such as Disney/FOX acquisition, Amazon/MGM acquisition and WarnerMedia/Discovery merger have caused a series of antitrust debates. The present thesis aims to explore what role of antitrust and regulation should play in the face of mergers in the streaming wars. Relying on integrative literature review and a case study on the Amazon/MGM acquisition, this study finds that a compromised antitrust approach between the Chicago School and the Neo-Brandeis School is needed. For the sake of welfare in the SVOD market, both benefits and harms of the mergers should be considered. While long-term competitive concerns prevalent in the digital economy should be taken seriously, antitrust authorities should avoid radical structuralist means and focus on consumer welfare. The study also argues ex-ante behavioral regulation targeting market-specific issues could be an alternative to solve the dilemma, and that with the presence of some regulations, most mergers in the current US SVOD market should not be blocked.
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描述 碩士
國立政治大學
國際傳播英語碩士學位學程(IMICS)
109461006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109461006
資料類型 thesis
dc.contributor.advisor 盧建誌zh_TW
dc.contributor.advisor Lu, Chien-Chihen_US
dc.contributor.author (Authors) 吳欣霖zh_TW
dc.contributor.author (Authors) Wu, Sin-Linen_US
dc.creator (作者) 吳欣霖zh_TW
dc.creator (作者) Wu, Sin-Linen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 14:14:25 (UTC+8)-
dc.date.available 2-Aug-2023 14:14:25 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 14:14:25 (UTC+8)-
dc.identifier (Other Identifiers) G0109461006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146615-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際傳播英語碩士學位學程(IMICS)zh_TW
dc.description (描述) 109461006zh_TW
dc.description.abstract (摘要) 隨著影音串流成為主流媒體，美國訂閱制隨選影音(SVOD)市場已逐漸成熟並變得更加集中化。過去幾年「串流戰爭」的出現，使得許多SVOD平台擴大了對內容的投資並試圖透過併購來對抗競爭者。儘管SVOD市場看似競爭激烈，且整合併購有助於提高效率，但對於近來的幾件大型併購案，仍有許多大眾和專業人士提出了市場壟斷的隱憂。由於SVOD具特殊的商業模式及數位平台的特性，且背後多有在媒體及科技領域涉獵多項業務的強大母公司支持，以至於反競爭效果很容易發生在SVOD市場。在此背景下，再加上主張加強競爭法並反對大型科技公司的新布蘭迪斯學派興起，近期的併購案，如迪士尼/福克斯、亞馬遜/米高梅、華納媒體/Discovery等，引發了一系列關於反壟斷議題的爭論。本篇論文旨在探討反托拉斯法和監管法規在面對串流之戰下的併購案時，應扮演何種角色。藉由綜合性文獻回顧及針對亞馬遜/米高梅收購案之案例分析，本研究發現反托拉斯法與監管策略應整合芝加哥學派和新布蘭迪斯學派，採取折衷雙方主張的方式。為了謀取SVOD市場的福祉，須將併購的好處與壞處都納入考慮。數位經濟中普遍存在的長期競爭問題需要被認真審視，然而政府應避免採用激進的結構主義手段，並秉持以消費者福祉為中心的觀念。本研究還認為，針對特定市場問題的事前行為監管可能是解決當前困境的另一種選擇，而在事前監管法規完備的前提下，美國 SVOD市場中的大多數的併購案應被允許。zh_TW
dc.description.abstract (摘要) With video streaming becoming mainstream, the US SVOD market has matured and gotten more consolidated. The past years have witnessed the streaming wars where SVOD platforms increase content spend and seek merger and acquisition to compete. While the SVOD market seems to be competitive, and many integrations could improve efficiencies, several mega-deal mergers had triggered antitrust concerns among the public and professionals. Due to SVOD`s business model, traits of digital platforms, and powerful parent companies that usually have multiple lines of business across the media and the tech sector, the SVOD market is prone to anticompetitive effects. In this context and especially with the rise of the Neo-Brandeis School of antitrust, which advocates stricter antitrust laws and is hostile towards large tech firms, recent mergers such as Disney/FOX acquisition, Amazon/MGM acquisition and WarnerMedia/Discovery merger have caused a series of antitrust debates. The present thesis aims to explore what role of antitrust and regulation should play in the face of mergers in the streaming wars. Relying on integrative literature review and a case study on the Amazon/MGM acquisition, this study finds that a compromised antitrust approach between the Chicago School and the Neo-Brandeis School is needed. For the sake of welfare in the SVOD market, both benefits and harms of the mergers should be considered. While long-term competitive concerns prevalent in the digital economy should be taken seriously, antitrust authorities should avoid radical structuralist means and focus on consumer welfare. The study also argues ex-ante behavioral regulation targeting market-specific issues could be an alternative to solve the dilemma, and that with the presence of some regulations, most mergers in the current US SVOD market should not be blocked.en_US
dc.description.tableofcontents 1. Introduction 1
1.1 Research Background: Streaming Wars and Consolidation in the SVOD Market 1
1.2 Research Motivation: Antitrust Debates and Lack Practical Guidelines for Mergers in the Streaming Wars 3
1.3 Research Scope and Questions 5
1.4 Research Methods and Thesis Structure 6
2. The US SVOD Market 8
2.1 Business Model and Mergers in the SVOD Market 8
2.1.1 The Rise of SVOD, and the Data-Centric and Vertically Integrated Business Model 8
2.1.2 The Streaming Wars and Merger Trends 9
2.2 Market Delineation and Market Structure 10
2.2.1 The Downstream Relevant Markets 11
2.2.2 The Upstream Relevant Market 15
3. Antitrust Concerns in the US SVOD Market 19
3.1 Data, Platform, and Vertical Integration Give Rise to High Entry Barriers and Power to Discriminate 20
3.1.1 General Concern of Data: High Entry Barriers 20
3.1.2 Data and High Entry Barriers among SVOD 21
3.1.3 General Concern of Online Intermediary: Entry Barriers and Discrimination 22
3.1.4 Online Intermediary, Entry Barriers and Discrimination among SVOD 22
3.2 Players with Multiple Business Lines Lead to Unfair Competition Process 23
3.2.1 The Issue of Predatory Pricing and Loss Leading 23
3.2.2 The Issue of Bundling 24
3.2.3 The Issue of Access Discrimination to Critical Infrastructures 25
3.3 Mergers in the Streaming Wars and Anticompetitive Effects 26
3.3.1 The Horizontal Harm 26
3.3.2 The Vertical Harm 27
3.4 Case Study: The Amazon/MGM Acquisition and Antitrust Concerns 28
3.4.1 Amazon 28
3.4.2 Anticompetitive Concerns of the Amazon/MGM Acquisition 30
4. Antitrust Crossroads and the Need to Compromise 33
4.1 The Chicago School 33
4.1.1 Values and Arguments 33
4.1.2 Impacts on M&A in the Media and the Digital Market 36
4.2 The Neo-Brandeis School 38
4.2.1 Values and Arguments 38
4.2.2 Reformation Acts and Impacts on M&A 41
4.3 An Antitrust Compromise for Mergers in the SVOD Market 44
4.3.1 Avoid Radical Structural Remedies 45
4.3.2 Focus on Consumer Welfare 48
4.3.3 Use ex-ante Sectoral and Behavioral Regulation to Solve Problems from the Root and Relieve Burdens on Merger Enforcement 48
4.4 Case Study: The Amazon/MGM Acquisition and Proper Antitrust Approach 50
5. Reflection and Regulatory Alternatives 53
5.1 Types of ex-ante Behavioral Regulation for the SVOD Market 53
5.1.1 Ensure Data Accessibility and Portability Rights of Content Producers 53
5.1.2 Require Certain Transparency but Not Neutrality of Content Platforms 57
5.1.3 Impose Some Behavioral Line of Business Restrictions on Covered Platforms 59
5.2 The Focus of Merger Review 62
5.3 Case Study: The Amazon/MGM Acquisition and Applicable Regulatory Alternatives 62
6. Conclusion 64
6.1 Answering RQ1: How should mergers in the US SVOD market be evaluated? 64
6.1.1 Identify Relevant Markets 64
6.1.2 Antitrust Concerns should be Evaluated Based on Traits of the SVOD Market 65
6.2 Answering RQ2: What remedies could truly benefit the consumers? 65
6.2.1 A Compromised Antitrust Approach between the Chicago and the Neo-Brandeis School is Necessary 65
6.2.2 Using Regulatory Alternatives to Complement Antitrust Laws Would Do Good to the SVOD Market and Consumer Welfare 66
6.3 Other Implications 67
6.4 Guidelines and Steps for Reviewing Future Mergers in the SVOD Market 68
6.5 Strength, Limitation, and Future Studies 69
References 71		zh_TW
dc.format.extent 1736020 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109461006en_US
dc.subject (關鍵詞) 訂閱制隨選影音平台zh_TW
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) 反托拉斯法zh_TW
dc.subject (關鍵詞) Antitrusten_US
dc.subject (關鍵詞) SVODen_US
dc.subject (關鍵詞) Mergeren_US
dc.title (題名) 美國訂閱制隨選影音平台的併購案例分析zh_TW
dc.title (題名) An Analysis of Mergers and Regulation in the US SVOD Marketen_US
dc.type (資料類型) thesisen_US
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