What is a Media Company? A Reconceptualization for the Online World

The current understanding of a media company is based on the idea of a publisher or broadcaster producing or aggregating, bundling, and distributing content. In this scenario, the content creation mainly is done by professionals. However, with the advent of mobile devices and ubiquitous Internet access, users have been enabled to produce content themselves. This gave rise to a new form of media companies: the platform operators, who aggregate, manage, and distribute user-generated content. Based on a historical summary, this article delineates the characteristics of this new approach of content distribution, draws comparisons to the traditional media companies, derives implications for the media markets, and provides a definition for the term media company that is valid in both the online and offline world.