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I'm not sure how too many media courses affects the representativeness of the media itself - surely broadening access to those courses makes it more likely that underrepresented groups get a foot in the door.
But I do agree that low starting salaries and, particularly, the requirement for unpaid work experience in an expensive city, puts off a lot of poorer graduates. One of our graduates had to work for Natmags for 3 months for free - supporting herself in London (she was originally from Leeds) - before she landed a paid job. It isn't a route open to most people.