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Aggregators, search and the economics of new media institutions

机译：聚合器，搜索和新媒体机构的经济学

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摘要

Proliferation of content on the internet offers consumers access to more sources than had been possible with traditional media. Disaggregated content also increases the relevance of targeting for advertisers. But at the same time, search costs increase the role of intermediaries in media consumption in ways that are poorly understood. This paper studies the effects of search technology and aggregators in digital media markets. A simple model shows how these institutions can alter both market participation and the number of sites visited, which in turn affects equilibrium prices and profits in the advertising market. When consumers have a taste for variety and advertisers are horizontally differentiated, intermediaries can alter advertising strategies in ways that reduce the value of targeting. The results offer both positive and normative predictions about the value of new media institutions for consumers, advertisers and media outlets.
机译：互联网上内容的激增为消费者提供了比传统媒体更多的来源。分类内容也增加了广告客户定位的相关性。但是，与此同时，搜索成本以人们难以理解的方式增加了中介机构在媒体消费中的作用。本文研究了搜索技术和聚合器在数字媒体市场中的影响。一个简单的模型显示了这些机构如何改变市场参与度和访问站点的数量，进而影响广告市场的均衡价格和利润。当消费者对商品的口味有所不同，而广告客户在水平上有所差异时，中介机构可以通过降低定位价值的方式来改变广告策略。结果为新媒体机构对消费者，广告商和媒体的价值提供了积极和规范的预测。

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