Final answer:
Media industries use the strategy of overproduction to manage risk and ensure profit by producing more content than immediately needed, which is part of a long-term expansion plan.
Step-by-step explanation:
The strategy that media industries rely on, which floods the market with a diverse array of content to manage risk and guarantee profit, is referred to as overproduction. This approach involves producing more products than the market immediately requires, and it is part of a long-term strategy to expand production. It is based on the concept that, over several years, it is easier for producers to build a new factory, hire many new workers, or open new stores, as opposed to trying to expand too rapidly in the short run. This strategy is seen in various industries, such as the movie business, which is dominated by a few major studios that strive to create films with a mix of familiar and original elements to ensure consistent profits despite potential market saturation, leading to a phenomenon known as planned obsolescence.