Tim Berners-Lee would have us think that the label 'Web 2.0' is a piece of jargon and a complete misnomer. There is some validity in his argument. The majority of technologies commonly associated with Web 2.0 applications have been at the disposal of developers since well before Bubble 1.0 burst. Even the social and collaborative aspects that have - rightly or wrongly - become synonymous with Web 2.0 were well versed by Amazon (since 1995!) and eBay. That the web has entered a new phase of development is incontrovertible though; but when I think of Web 2.0 I prefer to focus on the use of web service APIs to create new information services and harnessing the potential of structured data (e.g. applications of XML, RDF, etc.).
Be that as it may, Web 2.0 has now been with us for a few years because people believe it is actually happening; that Web 2.0 is upon us all. 2005-2008 has witnessed a proliferation of so-called Web 2.0 companies, many 'built to be bought'. Was del.icio.us really worth $30 million when Yahoo! bought it in late 2005?
This frenzy of activity, aggressive over speculation, and the impending credit crunch now has many technology and financial commentators (and protagonists) nervous. Bubble 2.0 is soon to burst. High stock values and high P/E ratios simply contribute to this perception. The storm clouds do indeed seem to be gathering over Silicon Valley and a near certain second dot-com crash is approaching (Adam Lashinsky's article inspired this post). Perhaps if people had been listening to Tim Berners-Lee at the beginning of the Web 2.0 phenomenon things wouldn't have spiraled out of control; enthusiasm might have been tempered.
The ridiculous nature of the Web 2.0 scenario and its impending doom can never be properly articulated by the technology or business press. It takes popular culture to deliver a good, hard slap to the face. To this end the Richter Scales provide us with an astute appraisal of the current state of Web 2.0, its tenuous origins and its future, all to the tune of 'We didn't start the fire' by Billy Joel. Enjoy 'Here comes another bubble'. It's educational.
Here Comes Another Bubble - Richter Scales
I think you also need to see the wonderful parody by the South Park team in their latest episode which aired in the US this week.
ReplyDeleteIt's based around YouTube phenomena's such as "Chocolate Rain" guy and "Dramatic look" hamster...
They earn Digital Internet Money (or DIM for short) and earn theoretical money.
Absolutely brilliant and a great parody on everything that is wrong with the Internet.