The New Frontier: The Internet Industry
The internet is an industry that is an open frontier, new, exciting, and full of opportunity. Especially now more than ever, as it shows us how it is becoming a staple in our everyday lives. It connects people across hundreds of thousands of miles and allows for media, ideas, and commerce, to pass through largely unhindered like never before. This new way of communicating is changing so many things in our society, and it is for that reason that I'm choosing to evaluate the importance and significance the Internet has had in our lives, as well as in the creation, distribution, and monetization of ideas and media.
While the ideas of an internet have been around since the early 1900's, the actual technological building blocks of the internet didn't come around until the late 1960's. That is when the U.S. Department of Defense started to fund a program called ARPANET, this program allowed multiple computers to communicate on a single network through the use of packet switching, a way in which computers can be more efficient in transferring data across a network. Almost every year from then on the internet at the time became more and more refined until eventually in 1990 when Sir Tim Berners-Lee, a computer scientist, invented the World Wide Web.. The World Wide Web, used through browsers, now made it easier to for the average user to access different data through websites and hyperlinks (“Who Invented the Internet?”, 2013). The early Internet industries were mainly used for small basic communications, like E-mail, and early shopping such as Amazon and Ebay at the time. Though now one of the largest markets for the internet is advertising.
Now with a huge chunk of capital being spent on online advertising, around $579 billion, there are several very large competitors at play (“Advertisers Will Spend $40 Billion More on Internet Ads than on TV Ads This Year.”, 2018). One of the biggest players is Google with their Adwords, a part of the company that uses keyword advertising and contextual advertising to distribute ads to many consumers based on their preferences, what they are looking up, and what sites they are visiting, this accounted for 95.4 billion of Googles-ad revenue in 2017 (“Google: Ad Revenue 2001-2017.”, 2018). You can't only think about the distributer but also the creators of the ads who also bring in a large amount of capital. According to agencyspotter.com digital marketing agencies like Accenture Interactive and PwC Digital Services bring in an estimated 7 billion dollars in revenue per year.
One thing that does bring some questionability to the market is the threat of the loss of Net Neutrality. Net neutrality is the concept that Internet Service Providers (ISP's) cannot prioritize certain websites over others when providing the internet to consumers. If ISP's do not adhere to Net Neutrality and start to prioritize certain websites, then it could put a damper on the spread of ideas and the internet economy. Due to smaller businesses not being able to afford priority they might not ever be able to get the number of consumers to their content or products to be able to become profitable or successful. This threat of the freedom of the internet brings some worry to many as they don't know what the future of the internet holds for them.
Even with the threat of losing Net Neutrality you can see that the internet's industry is still very popular, especially when you consider how much money is flooding into this industry it shows that many people still see a lot of potential for the industry. I as well see massive amounts of potential in the internet especially for my own career. With the amount of money to be made and with how integrated the internet is in our daily lives I see no reason why I wouldn't want to have a career in this space. I would probably want to be a creative marketing manager or something of the like because I do like to use creative aspects in my daily life as well as looking at the big picture of a ad campaign and the like.
Going through this project has shown me how much growth the internet has gone through in only a short amount of time and I can't begin to imagine how much it will grow as more time goes on. And this, I think is so important because so many of us use it almost every waking second of our days.
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