ADVERTISING, COMPETITION AND ENTRY IN MEDIA INDUSTRIES*
研究了媒体平台同时依赖广告收入和用户订阅费时的自由进入竞争，发现均衡时进入过多而广告不足，并分析了广告定价、免费媒体和质量维度的影响。
This paper presents a model of media competition with free entry when media platforms are financed both from advertising receipts and customers' subscriptions. We establish a relationship between the equilibrium levels of prices, advertising and entry, the welfare maximizing levels and the advertising technology. Under constant or increasing returns to scale in the audience size, we find an excessive level of entry and an insufficient level of advertising. We then extend the analysis along several dimensions: the price as a strategic variable on the market for advertising, free media platforms and the media quality dimension.