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How We Are Connected Today
The importance of networks in the global economy has led to dramatic growth in network goods over the past decade, especially those that use the Internet. As network capabilities continue to expand, industries and markets will transform and people everywhere will adjust to the new way of life.
The popularity of ridesharing services such as Uber and Lyft has skyrocketed since 2014. Ridesharing surpassed taxi services as the most popular form of local transportation as a result of a strong network effect as more drivers and passengers enter the market.
The percentage of people using the Internet as of 2016 varied significantly around the world. However, developing regions are rapidly catching up. In the past 5 years, the number of Internet users in Africa has more than doubled.
Staying in someone else’s spare room or house while traveling provides comforts not found in hotels, such as private pools, full kitchens, and washer and dryers. Airbnb achieved a virtuous cycle as bookings increased as a result of network effects. As more homeowners around the world offer rooms or homes for rent, Airbnb’s popularity will continue to rise.
Revenues from online streaming of movies surpassed revenues from DVD and Blu-