Eli Noam is the pessimist, Richard Epstein is the optimist. I agree with Epstein, who notes:
…the use of internet technology also reduces the costs of various forms of global co-operation. The best path for content-savvy foreign producers is to enter into deals whereby they combine their content with the technical expertise that is more cheaply available from the high-tech American platforms. The distribution channels cannot tell American from Hungarian electrons, and if content from other nations has sufficient appeal, then no evident cost disadvantage should keep it from reaching the marketplace, so long as technical services can be freely bought and sold.
Noam is worried that the Internet might make it easier for American content to take over markets, thus limiting the scope for local programming. But American television programs are losing ground internationally. Increasingly American TV shows and movies are part of a broader menu of satellite programming, offering viewers a truly global choice. A 2001 Nielsen survey found that 71 percent of the top 10 programs in 60 countries were locally produced.
Here is the full exchange, my only complaint is that we don’t hear enough from Richard.