The new video service Quibi failed after only 7 months of operation and after having received $2 billion in backing from big industry players. The concept was to offer short 5 to 7-minute video serials that would get viewers engaged in a story from day-to-day and week-to-week. The failure seems to be due to nobody being interested in the format. Younger viewers aren’t interested in scripted Hollywood content and instead watch content created by their peers. Older people have now been trained to binge-watch. It turns out there no audience for the concept of short cliff-hanger videos.
The Quibi failure reminded me that you can’t force innovations onto the public. We live in a society where everything new is hyped beyond belief. New technologies and innovations are not just seen as good, but in the hype-world are seen as game changers that will transform society. A few innovations live up to the hype, such as the smartphone. But many other highly-hyped innovations have been a bust.
Consider bitcoin. This was a new form of currency that was going to replace government-backed currency. But the public never bought into the concept for one big fundamental reason – there is nothing broken about our current form of money. We deposit our money in banks, and it sits there safely until we’re ready to use it. For all of the endless hype about how bitcoin would change the world, I never heard a good argument about why bitcoin is better than our current banking system – except maybe for criminals and dictators that want to hide wealth.
Another big bust was Google Glass. People were not ready to engage with somebody in public who could film them and replay a casual conversation later or post it on social media. People were even more creeped out by the stalker aspect of men using facial recognition to identify and stalk women. To give credit to Google, the folks there never envisioned this as a technology for everybody, but the Internet hype machine played up the idea beyond belief. The public reaction to the technology was a resounding no.
Google was involved in another project that hit a brick wall. Sidewalk Lab, a division of Alphabet envisioned a new smart city being created on the lakefront in Toronto. To tech folks, this sounded great. The city would be completely green and self-contained. Robots would take care of everything like emptying trashcans when they are full, to setting up picnics in the park and cleaning up afterwards. Traffic was all underground and an army of robots and drones would deliver everything people wanted to their doorstep. But before this even got off the drawing board, the people of Toronto rejected the idea as too big-brotherish. The same computer systems that catered to resident demands would also watch people at all times and record and categorize everything they do. In the end, privacy won out over technology.
Some technologies are hyped but never materialize. Self-driving cars have been touted as a transformational technology for over a decade. But in the last few years, the engineers working on the technology acknowledge that a fully self-sufficient self-driving car is still many years away. But this doesn’t stop the hype and there are still articles about the promise of self-driving cars in the press every month.
Nothing has been hyped more in my lifetime than 5G. In the course of recently watching a single football game, I must have seen almost a dozen 5G commercials. Now that 5G phones are hitting the market, the new technology is likely going to soon be perceived by the public as a bust. The technology is being painted as something amazing and new, but recent tests show that 5G is no faster than 4G in 21 of 23 cities. 5G will eventually be faster and better, but will today’s hype make it hard for the cell companies to explain when 5G is actually here?
I could continue to list examples. For example, if I had believed the hype, I’d now live in a fully-automated home where I could talk to my home and have it cater to my every whim. I’d have unlimited power from a cheap neighborhood fusion power plant that produces unlimited and clean power fueled by water. I’d be able to avoid a commute by using my flying car. There is much to like in the hype-world, but sadly it’s not coming any time soon.