Encouraging Innovation

While these web leaders may create a number of problems online, they are also innovative groups that will encourage technological and social change over the next decade. Peter Thiel, the co-founder of PayPal, describes creative monopolies like the five mentioned here as “powerful engines for making [society] better” (Thiel).

Instead of being forced to focus on constantly outperforming the competition, creative monopolies have the time and money to spend on innovating new products. They also have more money and concern for their employees, who are leading the innovation, making an internally good company with positive external benefits in the form of creative products.

While the description of these creative monopolies may seem to only describe platforms like Google and Facebook that are constantly expanding their services, it is also beginning to encompass other companies like Netflix. With subscriber money, Netflix has been able to create its own content, most of which is widely popular and on its way to being critically acclaimed.

Regardless of the products created, these companies have the luxury to innovate and that innovation has created the digital and social landscape that exists today. In the next ten years, the digital landscape is expected to change immensely, and it will be these creative monopolies leading that innovation.

Thiel, Peter. “Competition Is for Losers.” The Wall Street Journal. N.p., 12 Sept. 2014. Web. 20 Apr. 2015.

 

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