Today, we cannot imagine a life without the internet. That is because today we cannot do much life without the internet. In the United States, the internet is as accessible as running water is. Therefore, because it is so accessible and affordable, it is sometimes easy to under-appreciate the true value of the internet.
The Value of the Internet Estimated in Dollar Terms
In 2014, John Chambers, the CEO of Cisco Systems, Inc, predicted the internet to be worth $19 trillion over the next few years. Today, his prediction certainly does not seem to be too far off. In 2019, a study done by the Internet Association found that for US alone the internet was already worth at least $2.1 trillion.
However, due to the incoming of COVID-19 the value of the internet certainly has increased much more since.
Upholding Our Economy
An IAB study showed that since 2008 the gross domestic product (GDP) in US has grown by eight times because of the internet. Today the internet upholds 12 percent of the US GDP. In 2020, the internet alone contributed $2.45 trillion of the country’s $21.18 trillion GDP.
The internet is upholding our economy in major ways. Not only is the economy using the internet to run, but the internet is also helping run the economy. The internet continues to provide more jobs, opportunities and solutions to our country daily. If a mere 6-hour outage cost just Facebook alone almost $100 million dollars in revenue, imagine how much a 6-hour internet outage can then effect the entire US economy! The internet is very valuable in countless ways when it comes to upholding the economy of our country.
Multiplying Our Time
Every lost dollar can eventually be recovered. However, every lost second can never again be found. Therefore, time is the most valuable currency we have. The internet gives every business a great chance save time as well as to multiply time.
It used to take days to deliver a message to one person at a time. Today, that message can come to billions simultaneously in milliseconds. Information can travel today at the speed of light. It used to take hours, days, months or even years to create certain projects. Today, those same projects are created in mere minutes because of the efficiency and capabilities of today’s internet. The value of the internet increases tremendously when it is able to help us save and multiply the most precious currency of life- time.
A Literal Lifeline for Many
The internet has transformed not only our economy. It has also transformed the way we live our lives. But most importantly, it has transformed the way that we develop and maintain relationships in life. If it was not for the internet, then there would be no way to Facetime or connect digitally with people who are not next to us. If we did not have the internet, then we could not connect to or create relationships with clientele or customers online. The majority of business used to be brought in by word of the physical mouth. Today, the majority of the business comes in through likes and shares.
Relationships are yet another powerful currency of life. You can gain so much more for your business with the right relationships than you can ever buy with money. Because of the way that it can powerfully form relationships, the internet helps sustain, maintain and even save lives daily.
The Value of the Internet
So, what is the true value of the internet today then? True, once upon a time people lived without the internet. However, today it would be very to even survive without it. That is how valuable and essential the internet has become to us all today. Therefore, the true value of the internet really is invaluable.