41126-piy-ch06-01.pdf_18891 - CHAPTER 6 Peer Production,...

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Web 2.0 A term broadly referring to Internet services that foster collaboration and information sharing; characteristics that distinctly set “web 2.0” efforts apart from the static, transaction-oriented websites of “web 1.0”. The term is often applied to websites and Internet services that foster social media or other sorts of peer production. CHAPTER 6 Peer Production, Social Media, and Web 2.0 1. INTRODUCTION LEARNING OBJECTIVES After studying this section you should be able to: 1. Recognize the unexpected rise and impact of social media and peer production systems, and how these services differ from prior generation tools. 2. List the major classifications of social media services. Over the past few years a fundamentally different class of Internet services has attracted users, made headlines, and increasingly garnered breathtaking market valuations. Often referred to under the um- brella term “ Web 2.0 ”, these new services are targeted at harnessing the power of the Internet to em- power users to collaborate, create resources, and share information in a distinctly different way than the static websites and transaction focused storefronts that characterized so many failures in the dot com bubble. Blogs, wikis, social networks, photo and video sharing sites, and tagging systems all fall under the Web 2.0 moniker, as do a host of supporting technologies and related efforts. The term Web 2.0 is a tricky one because like so many popular technology terms, there’s not a pre- cise definition. Coined by publisher and pundit Tim O’Reilly in 2003, techies often joust over the breadth of the Web 2.0 umbrella and over whether Web 2.0 is something new, or simply an extension of technologies that have existed since the creation of the Internet. These arguments aren’t really all that important. What is significant is how quickly the Web 2.0 revolution came about, how unexpected it was, and how deeply impactful these efforts have become. To underscore the speed with which Web 2.0 arrived on the scene, and the impact of leading Web 2.0 services, consider the following efforts: < According to a Spring 2008 report by Morgan Stanley, Web 2.0 services ranked as seven of the world’s top ten most heavily trafficked Internet sites (YouTube, Live.com , MySpace, Facebook, Hi5, Wikipedia, and Orkut); only one of these sites (MySpace) was on the list in 2005 [1] . < With only seven full-time employees and an operating budget of less than $1 million, Wikipedia has become the Internet’s fifth most visited site on the Internet [2] . The site boasts well over 13 million articles in over 260 different languages, all of them contributed, edited, and fact-checked by volunteers. < Just two years after it was founded, MySpace was bought for $580 million by Rupert Murdoch’s News Corporation (the media giant that owns the Wall Street Journal and the Fox networks, among other properties). By year-end 2007, the site accounted for some 12% of Internet minutes and has repeatedly ranked as the most-visited website in the U.S.
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This note was uploaded on 02/02/2012 for the course BMGT 301 taught by Professor Wang during the Spring '08 term at Maryland.

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41126-piy-ch06-01.pdf_18891 - CHAPTER 6 Peer Production,...

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