World-wide-web technologies are a fundamental contributing factor for economic growth and affluence. The use and development of the internet and world-wide-web technologies have significantly increased over the past two decades; its use has become a common reality of the everyday lives of many. The internet has changed the way that businesses connect with consumers and perform their work. This is exemplified by the use of social media by businesses, and there is also the decline of the economy of creative industries caused by the use of file sharing capabilities.
The internet is a contributor to the increase in the global Gross Domestic Product (GDP), which is defined as the financial value of all completed goods and services made within the country’s borders over a certain time span (Atay & Apak, 2013). In the past 5 years, in internet has contributed to 21% of GDP growth in economies (Manyika, J. & Roxburgh, C., 2011). They found that the main factors of contribution to the internet’s GDP were private consumption and investment. The internet has become a necessity for a majority of …show more content…
The major decline of revenue in the music and media industry began in 1999 with the creation of the first large-scale file sharing program called Napster. It operated by peer-to-peer (P2P) technology, which enabled computers to exchange files with each other. Napster capacitated hundreds of thousands of users in spring 2001 and increased to over 50 million users by February 2001 (Rightscorp, n.d.). The program was shut down by the Digital Millennium Copyright Act due to a law suit submitted by multiple recording companies. Users of Napster proceeded onto other file sharing programs, some of which are still used today such as LimeWire and BitTorrent. The downloading of software though torrenting has also been an issue for
The internet is a contributor to the increase in the global Gross Domestic Product (GDP), which is defined as the financial value of all completed goods and services made within the country’s borders over a certain time span (Atay & Apak, 2013). In the past 5 years, in internet has contributed to 21% of GDP growth in economies (Manyika, J. & Roxburgh, C., 2011). They found that the main factors of contribution to the internet’s GDP were private consumption and investment. The internet has become a necessity for a majority of …show more content…
The major decline of revenue in the music and media industry began in 1999 with the creation of the first large-scale file sharing program called Napster. It operated by peer-to-peer (P2P) technology, which enabled computers to exchange files with each other. Napster capacitated hundreds of thousands of users in spring 2001 and increased to over 50 million users by February 2001 (Rightscorp, n.d.). The program was shut down by the Digital Millennium Copyright Act due to a law suit submitted by multiple recording companies. Users of Napster proceeded onto other file sharing programs, some of which are still used today such as LimeWire and BitTorrent. The downloading of software though torrenting has also been an issue for