A long time ago I called for business people not to fight YouTube but to embrace it. I have also supported Hulu.com, though, it has limits on what you can do for your business. Other encouraging developments are Blinkx, Voxant, and Google video.
As anyone who has ever gone to YouTube knows, it is addictive and has great content, the best of it is often created by a kid on his home PC. The reason Hulu, YouTube and others are thriving is that both young and old alike are increasingly watching a lot of video online. That means that apart from advertising there, you can also plant the seeds for content creation using your products, sponsor contests, and help with viral marketing. I personally like marketing programs with full disclosure with shameless promotion because I firmly believe that consumers need products, and while they may not like their favorite television program being interrupted every 10 minutes with commercials, they are not necessarily averse to cleverly inserted ads.
Since the meltdown on Wall Street, I have been speaking to many of my friends in investment banking and management consulting firms. Most of us work with some of the smartest people in the planet and we got there through hard work after getting top-notch education.
So how is it that the whole system collapsed?
There is a lot of blame to go around and experts will be discussing it for decades. And what is disappointing to many of us that some of our colleagues, friends, and peers, who have fought regulation and government interference, are now begging the Federal Government for aid.
Shouldn’t they just let market forces work?
But these folks love their jobs and bonuses more than respect for the fundamentals of economics and finance. What is even worse is that the mess that they have created due to greed and incompetence not only threatens their firms but the entire American economy, and eventually, the global economic infrastructure.
And that means the definition of every economic term that we learned in Econ101 is now different.