Social Media Mania, Redux
Is the Internet bubble 2.0 about to burst? That I don't know. But, it is amazing that some 10 years back, I was at the India Internet World fair at Pragati Maidan in October 2000 and the bubble had burst. You looked at all those shiny booths of venture-funded startups, the shiny pens and markers they used to hand out, gone dry as soon as one left the arena, you thought the end would never come. But it did. I don't remember a single company from that time surviving now.
You start thinking at how long will an economy based on 140 character tweets, profile pages and populated by free-loading users, mostly young (a major part of Facebook users are below 30, something similar in 2000 when most users of new sites were young people), is going to last.
This post at Chronicle of higher education describes the current situation:
On Facebook-led mania:
Apparently, Facebook has now grown so big and powerful that nominally rational people are saying outlandishly silly things to reporters, on the record...
On over-reliance on Twitter:
Advanced degrees from top-notch programs, evidence of sustained hard work in pursuit of complex long-term goals—ignore all that! The important thing is whether your job candidates can be clever in less than 140 characters five to 10 times per day. That and their social life.