Sue Fennessy, Founder and CEO of 8, posted a “A Letter To Millennials: Don’t Sleep Through the Revolution” by Jonathan Taplin as a must-read http://time.com/3949933/millennial-letter-revolution/.
I couldn’t agree more. This TIME article really made me think. Following below are some excerpts:
“Thiel, the founder of PayPal, an early investor in Facebook, and the godfather of the PayPal mafia that currently rules Silicon Valley, has been clear about his philosophy.
He stated, “I no longer believe that freedom and democracy are compatible,” his reasoning being: “Since 1920, the vast increase in welfare beneficiaries and the extension of the franchise to women — two constituencies that are notoriously tough for libertarians — have rendered the notion of ‘capitalist democracy’ into an oxymoron.”
“Like Amazon’s Jeff Bezos, he has built his fortune on enterprises that were not taxed or regulated. He also does not believe in competition, havingstated in the Wall Street Journal that “competition is for losers. If you want to create and capture lasting value, look to build a monopoly.”
“Since … 2000, global recorded music revenues have fallen from $21 billion to $7 billion per year. Newspaper ad revenue has fallen from $65 billion in 2000 to $18 billion in 2011. Book publisher operating profits have fallen by 40 percent, and the revenue from DVD sales of movies and TV (of the top 100 titles) has fallen from $7 billion to $2.3 billion.”
“While the revenues of movie, music and news purveyors were falling rapidly, the revenues of the “internet platform” providers were exploding. Google’s revenue went from $1.2 billion in 2001 to $66 billion in 2014. Amazon went from $4.8 billion in 2002 to $89 billion in 2014. Apple went from $7 billion in2002 to $199 billion in 2014.”
“… a massive reallocation in the order of $50 billion a year from creators and owners of content to platform owners has taken place since 2000.”
“We are only a few years into the sharing economy, but one thing is clear: As with Google, most of the economic gains will flow to those who own the platform rather than to those who do the work.”
“What is clearly visible is that the great productivity gains brought on by technology, which used to benefit the ordinary workers’ paycheck, now only flow to the owners of capital.”
“Are the pressures of social media keeping us from finding this fulfilled, authentic life? ”
“If the best and the brightest of you are drawn to building addictive apps rather than making great journalism, important films, or literature that survives the test of time, will we as a society be ultimately impoverished?”
“History is made by man, not by corporations or machines. It is time to wake up and begin to think about a digital renaissance. As my colleague Ethan Zuckerman said, “It’s obvious now what we did was a fiasco, so let me remind you that what we wanted to do was something brave and noble.” Your generation does not need to surrender to some sort of techno-determinist future. Let’s try and “rewire” (Ethan’s term) the Internet.”
For those who have more time a 44 min. video:
I really highly recommend (not only to Millennials 😉 reading this TIME article published 2015.
Professor Jonathin Taplin’s areas of specialization are in international communication management and the field of digital media entertainment. Check his impressive career on his website.
The Digital Renaissance has begun
What happened since? I believe the Digital Renaissance has begun. New social frameworks have been and are being created and some avoid the concept of addiction which is e.g. used by Fakebook. The newest (about 1/2 year young) and most promising is The8App and I would like to invite you to test it.
The sharing economy and tolerance for “Digital Bandits” will have to come to an end, not today or tomorrow, but in the nearer future. It is a fact “history is made by man, not by corporations or machines” and it is in our hands how and when we “rewire the internet”.
The corporations of the highly addictive sharing economy want to keep on “paying” artists with “followers” and “likes” and making profit with selling advertising on our content. It is difficult to break with addictions but for our and our children’s benefit we must start NOW!