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The rise of tech companies has significantly impacted other industries. For instance, in the music industry, the majority of revenues are now derived from a small percentage of artists, a shift from the past where revenue was more evenly distributed. Additionally, tech companies have become some of the most valuable companies in the world, overtaking traditional industries in terms of market capitalization. This shift has led to changes in economic structures and power dynamics.
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Tech companies have dangerously overtaken our economy. In 2006, the top five companies by market capitalization were ExxonMobil, General Electric, Microsoft, CitiGroup, BP and Royal Dutch Shell, worth an average of $288 billion each. In 2016, the top five companies were Apple, Google, Microsoft, Amazon and Facebook, worth on average $476 billion. Early adopters of the internet harked its ability to bring a "long tail" of revenue to individual artists and content creators. Not so. Today in the music business, 80% of the revenues are derived from 1% of artists. Compare this to the 1980s, where 80% of music industry revenues came from 20% of the content. Silicon Valley bigwigs like Peter Thiel, founder of PayPal and early Facebook investor, believe in themselves as brilliant savants whose sheer genius birthed the age of the internet. Thiel is an avowed libertarian and rejects the value of government aid or interference. The irony is that "the internet was conceived and paid for by the US ...
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Ever wonder why Silicon Valley seems omnipotent in every arena, not only in technology and business but also in government, public policy, academia, t...
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