Anthony J. Pennings, PhD

WRITINGS ON DIGITAL STRATEGIES, ICT ECONOMICS, AND GLOBAL COMMUNICATIONS

Social Media Entering Phoenix Stage?

Posted on | March 10, 2011 | No Comments

I thought this guy was interesting when I saw him on MSNBC’s Morning Joe. He argues passionately that social media is in a stage much like at the end of the dot.com era where we didn’t really know how to get the returns on our investments in the Internet. He says we won’t really see the true face of social media for several more years.

Just like 2000? Well that is assuming a current overinvestment in social media. Some evidence indicates that, particularly the money pouring into Facebook. We are entering the eleventh anniversary of the famous dot-com crash when the investments in so many Internet companies did not result in significant revenue streams to justify their stock prices. In the spring of 2000, the tech market began to falter in the NASDAQ online stock exchange. A shakeout occurred and many companies like Pet.com fell to the wayside. Some companies like Amazon.com survived and e-commerce has steadily grown since the crash. Now social media is in the spotlight, but can it proceed in its current trajectory?

I ordered the Kindle version of his book The Thank You Economy yesterday and had a quick look. As expected it is a business book. Not bad in itself but in the era of the Middle East uprisings, the technology is showing itself to be a bit more multidimensional than ROI will ever show.

Visit msnbc.com for breaking news, world news, and news about the economy

On a related note, my students were quite complementary on the transformation Dominos has gone through. Apparently the outgoing CEO didn’t want his legacy to be the worst pizza ever. Now, I live in New York City, so good pizza is not scarce. But everyone should have access to good pizza. Give them a look.

Anthony

Anthony J. Pennings, PhD has been on the NYU faculty since 2001 teaching digital media, information systems management, and global communications.

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  • About Me

    Professor and Associate Chair at State University of New York (SUNY) Korea. Recently taught at Hannam University in Daejeon, South Korea. Moved to Austin, Texas in August 2012 to join the Digital Media Management program at St. Edwards University. Spent the previous decade on the faculty at New York University teaching and researching information systems, media economics, and strategic communications.

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