摘要：The mass media in Spain has carried out major adjustments in recent years in order to adapt to the Great Recession and to disruptive or ground-breaking technology such as Internet. This has underpinned the drop in advertising revenues and government subsidies, as well as a decline in sales and subscriptions. In the boom years, promises of Internet and easy access to global financial markets at interest rates below inflation encouraged media groups to design vertical and horizontal expansion strategies aimed at positioning themselves in the domestic market whilst expanding overseas: particularly in Latam and Europe. Moreover, consumers have been able to access contents more easily and cheaply via the Internet and using a broad range of devices. The poor economic situation of traditional media (caused, mainly, by their high financial gearing) prevents them from successfully facing new challenges requiring them to change whilst new digital companies are managing to get by in spite of the highly precarious economic scenario.
关键词：global value chains;digital disruption;media evolution;media industries;Spain;Cadenas de valor global;Disrupción digital;España;Evolución de los medios;Industrias de la comunicación
