The hype behind Web 2.0 has continued to grow over the years. But, recently a lot of the biggest drivers of Web 2.0 concepts have been running into some financial and stock market troubles. Many are saying that Web 2.0 is over, that it doesn’t work as well as we all had thought it would. But they could be approaching the problem from the wrong perspective.
Take Zynga for example. Their stock has been sliding, and they have even had managers fleeing the company for other social gaming sites. Another example is Facebook. The juggernaut of social media has been unable to really figure out how to expand advertising revenues on its services. Its stock has already gone down 50% since it opened last May. Lastly, Groupon, the collective buying platform, has taken a huge hit on the stock market too.
It’s easy to jump to conclusions, but there could be something else at work here. Maybe Web 2.0 platforms aren’t capable of competing on the Web 1.0 and with traditional methods of valuation. Web 2.0 wasn’t a guide or prediction of riches to come. It was a design shift that was about people and interaction and usefulness. Expecting these companies to turn new thinking into old tech profits is a pretty taxing demand.
Why? Because the design and basis for Web 2.0 is inherently at odds with maximizing profit. Web 2.0 maximizes the users experience and benefits everyone involved. It’s the right direction and the only direction that the web can continue to grow in to.
It seems impossible to think that the Web 2.0 philosophy could be in jeopardy. Just because a few companies that exhibit Web 2.0 design and concepts can’t impress Wall Street doesn’t mean that the design or the philosophy are failed ones. The internet always has been about people and their interactions and it will continue to grow with that in mind.