I think the network law that I most agree with is Reed’s Law.
Reed’s Law deals with Web 2.0 and the power of social networks and social
media. It states that the utility of a network with n members
increases exponentially (or by 2^n). Although I don’t necessarily understand
the math behind this rule, I think the concept of it is true.
Social networks and social media have so much power and
influence because of the vast number of people who use them. The more people
that use them; the more connections that are available. The more connections
that are available; the more content is shared and distributed. Basically,
Reed’s Law means that the power of a social network is exponential, which means
it grows very rapidly as more and more members start to join.
This is especially important for advertisers in the media
industry. Advertisers must make sure they harness the power and utility of a
social network in order to get their name and product out there in the market.
Advertisers should be primarily interested in using social networks that follow
Reed’s Law. Otherwise, they would wasting time and effort in social media that
haven’t reached their full potential utility and power.
I think in five years from now, the way that people get their
information will definitely be different than the way things are today.
However, it’s also important to not get too far ahead of ourselves. I’m not
sure it’s realistic to say that in five years, we will all have microchips in
our brains feeding us information. I also think that it’s important to
understand that traditional (or “old”) media like newspapers, radio, and TV
will still be relevant in the communication world. In my opinion, the biggest
change in the next five years of communication will be about current
technologies evolving. In other words, I think we’ll be getting information in
a more advanced way than we do now.
For example, I believe people will continue to use smartphones
and tablets to get information on the go. However, these smartphones and
tablets will be technologically advanced beyond what we are capable of creating
today, in 2014. I also think people will continue to use newspapers, TV, and
radio. However, these will have to evolve and grow with the needs and habits of
consumers. I think newspapers will move to online only, TV providers will move
to stream more on-demand content, and radio will become more personalized and
local. Finally, I think people will start to trust citizen journalism (such as
Twitter reports) more than corporate news organizations.
Do you agree or disagree? Let me know!
Hi Josh
ReplyDeleteI am interested in what you said about traditional media in 5 years. Do you think there will be any print/newspapers left in 5 years? Or will they just be a novelty in which we look back at in the past. I also wonder if the transition to newer technology will make Sarnoffs law almost irrelevant. I think Reeds law will take off when traditional media becomes irrelevant. It will be interesting to see how revenue will be generated in a non-traditional sense, where everything is online.
Josh,
ReplyDeleteI agree with you Josh on the fact that we shouldn't be getting to far our ourselves. I think that even today is important to take into account the traditional media and to have a balance with the new emerging social media. I think regardless of the medium, the best communication will always be interpersonal face to face. However, it is also import to take advantage of the new media for a better benefit. Also, I like your point about the biggest changes in five years being more technological. I am not sure in how we will be getting information in different way other than how we are currently receiving it. However, with new emerging technologies a new way of sharing a reviving information might arise. I am excited to see what happens.