What began as an obscure file-sharing program quickly grew into a global network used to trade digital music for free. Within the music industry, however, it became as notorious as it was popular with its followers and eventually was the target of multiple lawsuits charging copyright violation on an unprecedented scale. Although only a shadow of its former self, Napster’s influence continues to pervade much of the Internet today.
If in 1995 the amount of venture capital invested was $8 billion, now the amount rises to an incredible $105 billion. Seventeen dot-coms spend $2.2 million each for 30-second ads during the Super Bowl. By the year end, three of them are dead.
Dow Jones Industrial Average tops out at 11,722.98, while NASDAQ composite peaks at 5,048.62, never to be reached again since, as in the next 30 months it sings 74 percent.
AOL announces plans to buy Time Warner.
Average Sillicon Valley tech worker’s incomes tops out at $80.000 – but median home prices reaches $530.000. Salaries begin to drop, housing costs don’t
The June issues of Business 2.0, eCompany Now, The Industry Standard, Red Herring, Upside and Wired together tip the scales at almost 5 kilograms (10 pounds). Within three years, four out of six magazines are gone.
The end of the golden era begins, as Pets.com is the first publicly held dotcom to bite the dust.
In other news:
- the dot.com industry crashes.
- 5.1 billion emails are sent in the U.S.; 8.2 billion worldwide.
- seven new domain names approved, including .info, .pro, .biz.
- Love Bug virus infects 45 million computers worldwide.
- 3G (3rd generation) licenses sold for wireless internet.
- bluetooth lets computers converse via low power radio signals.
- Y2K bug tamed, but it was expensive.
- microprocessors outdo Moore’s Law with Intel’s 1.5GHz.
- British “newscaster” Ananova joins other virtual performers on TV, the Net.
- Stephen King’s novel Riding the Bullet is best seller via Net downloads only.