Getting Rich From Others Was Never Easier
One of the dirty little secrets of the current social-networking mania is that users of services such as Facebook, Twitter and Tumblr give away their content while the shareholders of the companies are busy getting obscenely rich.Facebook Inc. seems to be clocking in these days at a valuation of as much as $100 billion while Twitter Inc.’s implied value is about $8 billion based on a new round of financing, the proceeds of which went to cash out the original investors. Tumblr Inc. also recently raised fresh capital, giving it a value of $800 million.
Not paying for content is a relatively new idea in the media business. It is understandable -- if not particularly admirable -- as long as these companies can continue to get away with it. If you could get wealthy through the work of others without having to pay them, who wouldn’t be tempted to try it?
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