Topic > How the newspaper and music industry has changed...

The Internet has become increasingly present in everyday life. The expansion of social networks such as Twitter or Facebook has revolutionized the way people interact with their family and friends. The Internet has made communication and exchange easier: now you can send an email to the other side of the world in less than a second. The number of users is growing rapidly: the International Telecommunication Union estimates that in 2013 more than 2.7 billion people have access to the Internet. These changes didn't just affect private life. The "Network" is increasingly important in the business world today: it is now used as a professional tool in almost all existing companies. Some companies are even completely Internet-based: they are commonly called “dot-com companies.” A new industry has also been created: the electronic commerce (or e-commerce) industry: the buying and selling of products (or services) takes place entirely via the Internet. McKinsey & Company, one of the most prestigious consultancy firms in the world, estimates that in 2011 almost 8 trillion dollars were exchanged thanks to e-commerce. But the Internet hasn't just created new industries. For McKnight et al. (2001), the Internet has also led to a process of creative destruction (defined by Schumpeter in the 20th century as the destruction of existing technologies and production methods through innovation): “industrial boundaries, barriers to entry and market positions clearly defined within The telecommunications industry has been replaced, perhaps permanently, by blurred and fluid industry boundaries, rapidly changing corporate alliances, and the relentless introduction of cost-reducing product and process innovations.” . Indeed, the Internet has led to drastic changes in the medium of paper documents. In the last section, we studied the effects of the Internet on the economic model of supply and demand, thanks to a comparison with the e-Commerce environment, and we concluded that the costs of both consumers and producers are reduced thanks to the Internet , while information asymmetry is increasingly less likely to occur, thanks to the amount of information easily available on the "Net". To conclude, I would say that the Internet has had a great impact on traditional industries, mostly positive for consumers and producers. Even if some negative effects can be highlighted (such as piracy or the destruction of jobs in printing houses), we can assume that the current situation is the most convenient for everyone. However, the Internet is changing rapidly and we are still at the beginning of this process: we can expect further changes in the near future.