Chapter 7: Social Media, Peer Production, and Web 2.0
Section I : Introduction
* A new generation of Internet applications is enabling consumers to participate in creating content and services online. Examples include Web 2.0 efforts such as social networks, blogs, Twitter, and wikis, as well as efforts such as Skype and BitTorrent, which leverage the collective hardware of their user communities to provide a service.
* These efforts have grown rapidly, most with remarkably little investment in promotion. Nearly all of these new efforts leverage network effects to add value and establish their dominance and viral marketing to build awareness and attract users.
* Experts often argue whether Web 2.0 is something new or merely an extension of existing technologies, but it’s more important to appreciate the magnitude of the impact of the current generation of services.
* Peer production and social media fall under the Web 2.0 umbrella. Social media refers to content that is peer produced and shared online. But peer production also includes services that are enabled when users collaborate (examples include Skype and BitTorrent).
* Many Web 2.0 services often leverage the wisdom of crowds to provide insight, products, or ideas that can be far more accurate or valuable than those provided by a smaller group of professionals.
* Network effects play a leading role in enabling Web 2.0 firms. Many of these services also rely on ad-supported revenue models and open source software.
Section 2: Blogs
* Blogs provide a rapid way to distribute ideas and information from one writer to many readers.
* Search engines, social media sharing, and trackbacks allow a blogger’s community of readers to spread the word on interesting posts and help distinguish and reinforce the reputations of widely read blogs.
* The comments section in blogs can create a conversation to gather opinion, vet ideas, and brainstorm. Public commentary can also apply...