Long Tail Theory
Chris Anderson's 'Long Tail Theory' suggests that people are becoming more interested in 'niche' products rather than just mainstream products. Modern culture and economy is increasingly shifting away from a focus of mainstream 'hits' which are on the head of the demand curve. Instead, the focus is shifting toward the niche products at the tail. Anderson points out that online retailers only used to stock bestsellers or highly popular products. But this has changed. Now most things can be bought online giving the costumers a wide range of products to choose from whether its old or new.
This means that more people are likely to to shop online as there is more chance that something will be in stock online and there is more of a chance that a less popular product or an old product will be in stock online rather than the mainstream market. Therefore, more people will search the online market for tracks and albums that are not in the peak of the long tail graph.
Wikinomics
Explores and explains how mass collaboration is reinventing the way businesses and popular social websites communicate, create values and compete in the new global market.
Wikinomics is based on 4 main ideas;
Peering, sharing, thinking globally and openness.
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