Introduction of New Media

Paper Summary:

This paper takes off from the recent dot com boom and bust to ask questions about the introduction of new media The paper notes that the experience with the dot coms showed results that differed from the development of other media earlier in the century. The experience with cinema, radio and television in North America showed that the new media is developed along more rational lines and that a hint of irrationality was shown toward the fate of old media for in each case it was predicted that the old media would disappear and be replaced by the new.

From the Paper:

"The business of the mass media has developed beginning in the nineteenth century and accelerating along with increased competition through the twentieth century. In the 1990s, a period of "dot.com" excitement created a market boom followed by a market crash among Internet-based high tech industries. This event was one of the prime examples of what then-Fed Chairman Alan Greenspan called "irrational exuberance" as anything attached to the Internet was seen as the next big thing and so as ripe for successful investment."

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