Wikipedia founder Jimmy Wales and technology reporter Steven Levy take a close look at the state of social networking, and what’s wrong with the current approach of making money through targeted advertising. Wales also explains what makes his new social network WT Social different and why he’s chosen to go with a “pay-if-you-want” business model, trying to avoid click-bait content.
“If you have an advertising-only business model the quality isn’t what you’re concerned about,” Wales explains. “I argue with the people at Facebook, and they’re actually receptive to the argument that, in the long run, if you’re optimizing only on engagement and the number of ads people see – all of these side effects we’re seeing in society are happening. And if the general public is convinced that your business is destroying Western civilization, that’s a long-term problem for your brand.”
