The study of media industries may be relatively new to the Society for Cinema and Media Studies (SCMS), but focus on this area has a long history and, in the United States, has included research on the interconnected industries of telephony, radio, film, journalism, and television. Much of this work can be divided into two perspectives: the first celebrates the individuals, working cohorts, companies, and markets constituting the entertainment-information sector of the US economy; the second contextualizes those individuals, working cohorts, companies, and markets within the ongoing development of capitalism. The celebratory approach has often been called media economics, whereas the contextual approach is generally called political economy of the media.