In the first part of Social Network, I had talked about the unique things I learnt from it. In this part, I will talk about the recent happenings in this space…
1. Lessons not learnt
The latest news is of a social networking site ownership changing hands, with the previous owner suffering heavy losses..He bought the site when it was at its peak & had to sell it at its nadir point..This is quite similar to the dramatic change in valuations experienced by some “Too big to fail” firms during & post recession..Similar situation was observed in the dot com burst, where the then industry darlings got burst..The social networking site companies have quite similar revenue model..Unfortunately , history is something which is assigned the lowest priority during decision making..
2. Have to be numero uno even here..
In one of my tweets I had mentioned that Google is like sampras..social networking is like french open..the champion has no idea how to get past this one hurdle…After 3 relatively unsuccessful attempts, the champion is now hell bent on becoming Federer from Sampras ( Federer did manage to win the French Open 3 years back)..The innovator is now working on a different way of moving up–Criticizing the weak point of security of the current leader & demonstrating how its new toy manages it..
3. The (un)official communicator..
The 140 odd character scribbling pad was initially used to express (possibly harmless) comments & opinions..But now it has become a launching pad to initiate actions against your foes..The former IPL chief expressed how he, as the then chief of the super body dismissed a rival league..The rival league with these expressions in hand are seeking to relaunch their league…But the latest surprise came when I read that one of the most powerful person on earth, the US prez has decided to talk about one of the most serious matter, the economy of his country to his countrymen through this medium..All this shows that the days of official communication from the top body through official bulletin board/ speech are numbered..
These are around 6-7 points I have observed so far & included in my 2 posts on social networking.One thing is for sure..the actual torch of social networking may change from 1 site to another over time, but its increasing use & time validity cannot be underestimated. The fact that the management of numerous organisations are considering formally introducing social media in the workplace further strengthens the idea that social networking is here to stay for a long long time..