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February 7, 2007, 2:28 pm

Web 2.0 at the World Economic Forum

by Lisa Agustin
Filed under: Business, Current Events

Is Web 2.0 just another tech buzzword or Something Bigger? “The Impact of Web 2.0 and Emerging Social Network Models,” a session at this year’s World Economic Forum, was the latest venue for the ongoing debate. The panel consisted of major players (Microsoft and Nike), those on the cusp of the revolution (YouTube and Flickr), and even a government representative (Commissioner of the Information Society and Media, European Commission, Brussels) who shared insights for what’s next online. Panelists agreed that the next phase of the Web is one that leverages the power of community, even if it’s too early to tell what the business implications of this empowerment may be. Overall, the session didn’t reveal earth-shattering predictions so much as discuss changes that are already underway:

• Content delivery modes will continue to converge;
• Delivery of content and advertising will be more closely linked to create a customized, personalized experience;
• An interactive, participatory user experience will replace the traditional one-way message or broadcast model;
• Social networks will continue to exert their influence in determining relevant and must-see content;
• The collective intelligence (“the wisdom of crowds”) will help companies identify new opportunities for products and experiences.

Interestingly, talk of ad revenue and business models led to a brief discussion on what Web 2.0 may mean for useful user metrics in the future. “Page views are dead,” stated Flickr founder Caterina Fake. “On a social networking site, connections, the amount of messages, and time spent on a site is what’s important. But the [overall] measure of usefulness is still to be developed.” Whatever Web 2.0 finally turns out to be, Nike CEO Mark Parker urged that companies and other organizations will be at risk if they don’t “embrace this empowerment and understand what it means.”