Is Publicity Killing the Internet Star?

Just as the popular 80’s song predicted the end of the radio star (death by video), this writer has to wonder about a similar doom for the Internet as caused by The Insatiable Technology Publicity Beast. Let me explain.It was only little over a year ago that the Internet was a media darling. There were some who thought the hype and the analysts’ predictions were amiss, but these folks were few and far between. Besides, countered Internet proponents, these naysayers had it all wrong - the Internet was here to stay and it was going to continue on its titanic roll.

The Beast’s Lair

What fueled this roll? The ongoing media hype of course, generated by massive public relations efforts. All of a sudden, hi-tech PR firms were booked to the hilt, turning away business or demanding ridiculous fees, stock options and other equity positions. Internet start-ups, enriched by large VC cash infusions, gladly doled out the money for a chance at landing a cover story in a top business or trade publication.

Some of these PR firms were good - very, very good - pitching their clients to news-hungry journalists, anxious to attract readers with the latest rags-to-Internet-riches stories. The media soaked it up, publishing or broadcasting stories about this dot com and that, and subsequently turning on a stock-frenzied public. As the people bought more and more stock, and the market continued to rise and rise, Internet news became self-perpetuating.

But all of a sudden, there was a market correction. Tech stocks, particularly Internet stocks, fell dramatically, and with this fall went the media darling. Suddenly the future looked pretty shaky, and with the latest round of dot com failures, consolidations, and more market adjustments, things are looking even more gloomy.

The Media’s Silver Lining Ain’t the ‘Net

There’s only so much doom and gloom the public wants to read about though, right? “Wait!” thinks the media. “We’ve already proven that there is this great demand for technology news. Why stop now? There’s got to always be something better on the horizon, so let’s find out what that is!” The great, Insatiable Technology Publicity Beast had been unleased, it was hungry, and now it was not going to stop just because ’s the Internet wasn’t looking so hot.

So what are we reading about these days? Wireless technology, for starters. Remote access via existing devices like cell phones and PDAs, and new devices to come. Let’s not forget telephony either: using the Internet to transmit telephone calls. Satellites, tech architects, and Napster are all getting the attention now.

My point? Well first of all, the Internet is far from being dead. There are still plenty of great stories to be told. But, many a good story deserving of coverage may be ignored or overlooked if the media now deems it less-than-buzzworthy.

Forces Behind The Beast

Of course, all the blame cannot be placed on the media. The PR people who masterminded all this hype in the first place are just as guilty; then there are the Internet market analysts whose grossly inflated projection figures rallied the next group of conspirators, the financial analysts, who in turn fueled the stock market. Finally, we, the public, are to blame. Spurred on by greed, we gobbled up Internet IPOs faster than the big man at the state fair pie-eating contest. This seemingly blind faith in the value of companies that had yet to turn a profit or even generate revenue only helped feed The Beast.

Folks, I’m here to tell you that the Internet is not going away. It’s not a passing fad or a flash in the pan. It is, however, not a panacea to building one’s financial holding the old-fashioned way. It’s a new medium and platform for commerce. Before the naissance of the Internet is over, we will all be seeing many changes: consolidation, transformation, re-examination, and elimination. Don’t let the Insatiable Beast lead you to think otherwise?.but do learn from the lessons of the past.

 back to top