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Title:	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
Authors:	吳欣霖 Wu, Sin-Lin
Contributors:	盧建誌 Lu, Chien-Chih 吳欣霖 Wu, Sin-Lin
Keywords:	訂閱制隨選影音平台併購反托拉斯法 Antitrust SVOD Merger
Date:	2023
Issue Date:	2023-08-02 14:14:25 (UTC+8)
Abstract:	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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Description:	碩士國立政治大學國際傳播英語碩士學位學程(IMICS) 109461006
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Appears in Collections:	[International Master`s Program in International Communication Studies] Theses

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