In his latest book, “The Cult of the Amateur: How Today’s Internet is Killing Our Culture”, Andrew Keen argues that Web 2.0 and the cult of the amateur is dumbing down our culture. I haven’t yet read the book, but it seems like he’s taking the conservative view with respect to social media and its positive effects on culture. There is one interesting quote from MSNBC, which states:
What scares Keen is that some Web 2.0 enthusiasts argue that we no longer need traditional media companies — the Internet provides artists and writers their own means of distribution and promotion. But publishers and record labels provide more than just distribution and promotion. In a sense, they’re the venture capitalists of culture, advancing money so that a writer can take years to research a great book or a band can concentrate on creating a strong body of music. Sure, there are lots of writers and bands who keep their day jobs and still create good work — but most of them wouldn’t mind an upfront check and some uninterrupted time. Even the most faithful bunch of MySpace friends will probably never be able to offer them that.
I’ve never thought of publishers and record labels as VCs, but, it does make sense. They’re betting on pretty risky investments — some of which are even more risky than the typical web startup.