(I must post a warning to others before proceeding with this blog. I am quite the alien in economics so if my thoughts are trite to fellow economists here, I do apologize in advance!)
Reading Seth's blog about his Facebook experience reminded me about another very similar experience. I know an individual (who shall remain nameless) who HATED Facebook or any other social networking sites. He thought they were pathetic and did not see the point in participating in any of them. Then one day his best friend joined and convinced him that he needed to be a part of this network as well. So he grudgingly joined and his intention to create a membership was merely to view some photos of a recent event and then be an inactive member but long story short, he is now a very active participant on Facebook.
Which brings me to the point of the VHS and Betamax battle in which the VHS won. One of the main reasons the VHS prevailed (which was not discussed in Chap 4) was because the pornography industry selected VHS as their choice for distribution. The astronomical success of the VCR and VHS tapes is truly owed to the pornography industry.
So when creating a new product, be it in media or any place else, is there an understanding that it is not necessary to convince the masses that the product is worthy of their consumption but to only convince a selected few and then rely on the selected few's influence to trickle down to the masses? As a foreigner in the economics field, I am wondering if there is an equation or a similar theory for this 'phenomenon'?
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