The Internet, in the relatively short amount of time that it has been around, has drastically changed the way people do business. Yet, we still haven't fully seen how it will effect the economy in the long term. I think that the future will favor the self-employed, or entrepreneurs. Early on we saw with Napster, and other file sharing programs, that the Internet has allowed for the reduction or elimination of information middle men. In print media, we have seen changes in news agencies, from the outright elimination of some news organizations to a shift to digital distribution for others, and even some self publishing of full books by others. In radio, we see competition with the easy availability of music through portable media players, Internet radio stations like Pandora eliminate the need for a DJ, and podcasting removes the need for the radio company. Finally, television companies, in addition to wrestling with piracy, must learn to accommodate the instant access of Netflix and Hulu.
This change in the accessibility of information provides an interesting dynamic for people entering into the market place. On the upside, self-employment through the production of some digital medium is cheaper than it ever has been, which means an increased competition among producers, and lower average revenues for one's efforts. The saturation of the market with blogs, for example, makes possible ad revenues in that market relatively small, even though there is a potentially large consumer base. In the end, while it is possible for people to make a living with a blog, podcasts, and/or internet videos, for most, these media will simply supplement one's income.
Ryan
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