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Excellent read - don't forget to read the comments - some excellent points
By Doc Searls:
Doc was named the Google/O’Reilly Open Source Award for Best Communicator and in 2007, one of the 100 Most Influential People in IT by eWeek.
Doc Searls is Senior Editor of Linux Journal, co-author of The Cluetrain Manifesto, an alumnus fellow with the Berkman Center for Internet and Society at Harvard University, a fellow with the Center for Information Technology and Society (CITS) at the University of California, Santa Barbara, one of the world's most quoted bloggers, and a photographer committed to enlarging the sum of images in the public domain.
At the heart of the Internet business is one of the great business fallacies of our time: that the Web, with all its targeting abilities, can be a more efficient, and hence more profitable, advertising medium than traditional media. Facebook, with its 900 million users, valuation of around $100 billion, and the bulk of its business in traditional display advertising, is now at the heart of the heart of the fallacy....More ... Less ...