The fallout over the Forbes article on the blogosphere continues. The best is by Michael Malone, the former editor of Forbes’ technology magazine, Forbes ASAP, the largest technology magazine in the world until Forbes shut it down. Forbes Fumbles the Blogosphere
Malone points out that Forbes missed the dot.com boom and the dot.com bust, the rise of e-commerce and Google.
First, a quick surf of the Web showed me a blogosphere on fire — with excitement over the birth of Pajamas Media, consumed with jealously over not being part of it, or pre-emptively attacking it with near-incoherence for alleged biases, incompetence or abuse of power. Not bad for an enterprise that doesn’t even formally exist yet. Whenever a new idea in high-tech attracts this much adulation and calumny, you can be sure that it is on to something — and that everyone doing the attacking is secretly plotting how to compete with it.
the mother ship, Forbes magazine, NEVER, EVER gets the big stuff right. It is, in fact, one of the best technology counter-indicators I know. If you want to learn about mutual funds or the annual incomes of dead celebrities, Forbes is the place to go. But when it comes to tech, read Fortune (or, if you can stay awake, Business Week) because if Forbes says something ain’t so, by God it certainly is.
So, needless to say, seeing the words “Forbes” and “tech” anywhere near each other usually makes my teeth chatter. Still, last Thursday at the airport, when I at last looked at the new Forbes cover, I could only laugh.
The piece, “The Attack of the Blogs,” is a strange, sour essay by Daniel Lyons …..There is already a hilarious parody of Lyons’ piece circling the blogosphere in which an 18th-century essayist complains that pervasive printing presses have led to the rise of pamphleteers, whose scurrilous antics have prevented King George III from raising taxes to finance his “benevolent aims” for the colonies.
Let me make a prediction. Five years from now, the blogosphere will have developed into a powerful economic engine that has all but driven newspapers into oblivion, has morphed (thanks to cell phone cameras) into a video medium that challenges television news, and has created a whole new group of major companies and media superstars. Billions of dollars will be made by those prescient enough to either get on board or invest in these companies. At this point, the industry will then undergo its first shakeout, with the loss of perhaps several million blogs — though the overall industry will continue to grow at a steady pace.