Web 2.0 is a term that was coined in 2004 at an O’Reilly Media conference, and referred to how the World Wide Web has evolved into a provider of interactive online software services.
Examples of site types that could be referred to as being under the web 2.0 bracket:
• free web-based email
• online banking
• project management tools
• word processing
• consignment and flea market trading (e.g. eBay)
• price shopping for consumer goods
• digital photo processing
• news feeds
• online radio
• video hosting
Usage of the web in the early days (from 1989) consisted of mainly being a huge collection of static electronic ‘brochures’. This period in the development of the web, now referred to as web 1.0, saw the number of users grow exponentially – Millions of people jumped on Web 1.0 as the modern way to receive information about the world. The growth pattern continued until 2001, when, suddenly, the “Dot Com bubble burst”. It burst because many internet startup companies could not live up to the multimillion-dollar expectations of profit. Thousands of people lost their jobs as investors discovered that web users were reluctant to move their consumer spending onto the internet. People just didn’t trust the web enough to do big spending online, and many dot com companies had to close down accordingly. The frantic web growth suddenly slowed.
However, since around 2003 the web has evolved into a provider of remote access software and growth returned to the web. As Web 2.0, the world wide web has also become a medium for online software services.. Spreadsheeting, word processing, private investigator services, wedding planning, web-based email, project management, headhunting, movie and file sharing, graphic design services, car tracking and gps.