Tuesday, March 31. 2009
Lone Protester heroically breaks glass of people-owned bank for media circus. Hooray #futile (BBC, h/t @timbearcub)
The G20 circus has come to London town, along with the surrounding panjandrum of Press, PR, Pro Gals and of course the traditional Rent-a-Riot crowd (see picture above).
One benefit of it being in London is that the the Tin-cans and Strings of the Broadstuff Briefing System have being humming! We are picking up some very interesting rumours about an impending major change to the world financial system as big as Bretton Woods or the move off the gold standard. In short, it seems that Capitalism is History, and they are going to move from the Dollar standard to Social Capital.
Yes, they're going to change from Wonga to Whuffie.
(Whuffie, for the uninitiated, is digitally allocated social capital - see Wikipedia for an explanation)
Our sources are still feeding us confused snippets, and there are gaps and some contradictions, but it seems to be the following reasoning that is driving this change:
(i) The World Bank and IMF have calculated that the banks have actually counterfeited, gambled and lost more money than exists on the planet.
Being thrown out is a scary prospect, as then the ruling classes wouldn't rule anymore, and as they know, come the revolution they would be shot against the wall.
In other words, something must be done to divert this wisdom of the crowds.... a bit of extraordinary delusion is required to take their attention off their plummeting pensions
Thus, goes the reasoning, the best idea is to abandon the dollar altogether and replace it with something less tangible and more shiny - something impossible to count and that can be manufactured for free.
Bank of England official Mylo Shylock has been working on the conversion, which is due to take place as soon as the summit ends:
Exactly how it impacts the global accounting systems are still being worked through, but apparently the help of the Zimbabwe ministry of finance has been invaluable. This is because one of the main benefits of the system is that governments no longer have to control the Whuffie supply. With people able to give it to each other will-he nill-he, they expect rampant inflation to be the norm in months. Given this, they believe, people will be spending again like there is no tomorrow. "
"If you are short of funds, just pimp your Facebook friends to vote you some more whuffie, and off you go again" says Shylock "it's just Awesome". Not only that, he points out, but if everything is constantly inflating then there is no incentive to save at all, and we will continue to spend our way to global growth.
Others see another benefit of this is that the Chinese and Arab sovereign trusts, who now hold all the dollars, will find that making them worthless and moving to a new currency with no visible means of support will reduce their influence.
But, the Chinese and Arab leaders, as well as OECD leaders, have endorsed the plan as they also understand that Whuffie is a virtual good that obeys Power Laws. In fact, it works better than anything they have so far achieved in wealth redistribution - its taken 40 years to get back to 1% of the population owning c 50% of the global financial wealth, but all the calculations show that the top 1% can get 80% of the virtual capital owing to the virtuous cycle that the digital rich get richer, faster - because most of the people online will drive themselves into long tailed serfdom by voluntarily handing over all their whuffie to those that already have, like they slavishly follow the slebs on Twitter.
As George Rosencrantz, undersecretary at the Treasury notes:
Another official, Bill Guildenstern, pointed out that benefit of a digital feudal society was that the long tail would no longer be able to wag the top dogs, and that the introduction of whuffienomics and its value accretion to the top of the curve would allow a return to traditional values, where most of the people lived their life under the boot of the lord of the demesne. "The Age of Reason was an aberration in history", he noted, and that that humanity is going back to traditional values of illiterate mysticism and needs a new structure to match "the rise of new age religion, creationism, fantasy literature and the worship of vapid celebrity is all a sign that people are yearning for the good old days of ignorance and subservience to their social betters" he points out.
But getting this transition wrong, suggest Rosenstern and Guildencrantz, may well lead to serious unrest and consequences, possibly even deaths.
But, points out Neo-Marxist philosopher Otis Driftwood (we caught up with him enjoying a night at the opera in London), is that people will believe they are more equal by being feudal. "Its extraordinary, but people believe that digital social networks systems create equality even as they hand more and more power and influence up to the top". We feel better, he explains, if 99% of people have as little as ourselves and we ignore the 1% that have it all. Driftwood is, we must point out, a bit eccentric as he won't join any social network that accepts him as a member, but his point remains.
The bankers are delighted - Morgan Stanley, an analyst at Goldman Sachs, points out that if everyone has trillions of whuffiemarks, they won't notice that the bankers' bonuses have several noughts more. "It won't even cross their minds" she notes.
Not everyone is delighted though - a curious alliance of Greens and Freeconomists believe this is a bad move overall. The Greens argue that an economy based on digital feudalism is unsustainable and are calling for a return to a more rustic, traditional form feudalism. "We believe one pig in every pokey back yard is the new yardstick for global sustainability" says green activist Jonathan Porridge, and notes that "while a move to Whuffie and mass ignorance is to be welcomed as it reduces paper consumption" digital social networks as a means of wealth distribution rely too much on the massive emissions of datacentres. They are calling for the abolition of computers, cars, plastics and phones. "If we live for another millenium with the about same levels of energy consumption as our mediaeval forbears, then we have a small chance of reducing global warming" he notes. Of course religion will remain a key tenet of Green Manorialism, its just that we will have to watch TV by candlelight in future.
Freeconomists have a different objection, in that the mere existence of Whuffie threatens the concept that all shall be free in this free-est of societies. "Doc" Pangloss explains:
"The problem with Whuffie is that it raises an expectation among the Digital Sharecroppers that they actually get some real reward and benefit for their efforts - the whole Open Soyurce/User Generated Content system was built on working for nothing, and Whuffie was what you got to make you feel good. By basing an actual economy on Whuffie it means it now is transferable as a unit of wealth, and will bring the Freeconomy back into line with the real economy - which reduces the ability of honest, hard partying entrepreneurs to cash out on other people's work"
We await other developments today with eager anticipation.
Update - the picture I put in of the protest says it all - lone protester breaks window in RBS, a near-nationalised bank that we already own, with hordes of press, twitterers and bloggers getting off in ecstacy. This is not the way to scare a plutocrat into honesty, nor to get anything done to change The System.
At last night's Chinwag Freecomics event (see my report here), some of the scuttlebut was about Facebook and when, and how much Microsoft would buy them (Truly scuttle, but the storyline is that Facebook will run out of money within 18 months or so as every new customer loses money, growth is rampant, and costs are increasing with new higher bandwith changes - so if it can't get funding.....).
Scuttlebut indeed, but this report today from Boomtown on the CFO's demise made me think again:
In addition, trying to stanch the rumors of its financial weakness and need to raise more funds, Facebook said in its internal memo to staff that it was on the path toward a public offering soon, with revenue growth up 70 percent in 2009 and EBITDA profitability this year, and that it would be cash flow positive in 2010.
Interesting as Yu was apparently hailed as a key part of the YouTube sale......
Given that Yu has been running around trying to get in extra funding for the last 6 months at least, this seems to be a sign that (i) funding probably ain't going to come from further risk or debt funding, so increasingly the only path to further funding is an IPO, and (ii) Yu's been shot for being the messenger about how tough it is to bring in money for an overvalued company in a post crunch market.
Speculation I admit, and its the bane of the blogosphere - but its' not that idle, so here's our prediction. If we're on the right path, Facebook will bring a Heavy Hitter IPO Veteran on board as CFO.
They'll need him or her......
(Update - WSJ article saying much the same as I have - I wuz first
Last night was the Chinwag FreeConomics session, on the panel were:
Kudos to Chinwag's Julia Eilon for putting it together, Sam Michel & Emily Fisherfor putting it on (and the free* beer )
Now my stuff you are all familiar with (see here, here and here if not) so this is a brief summary of the Other's Stuff - I couldn't take a lot of notes so they are highlights of each person's comments (or approximate - my notes are a bit scrabbled) and some of the questions:
As far as the questions went, here are my thoughts:
(i) I honestly thought that FreeConomics as a concept had been killed off by its innate economic irrationality and The Crunch, but last night I realised the "propaganda" around the meme, and its sheer attractiveness, meant that it has spread far and wide and is still believed - or at least people's cognitive biasses are very friendly to it. The lesson here is that wrong but attractive ideas with access to large scale media distribution can go a long way.
(ii) There were a lot of questions about print media's future, among them "mergers are bad", "will micropayments work", "will it own end devices, eg Kindle" and "can it survive". My views are:
The Huffingtom Post taking on investigative reporting isinteresting - a year ago peopel were saying that all the money is in the fluff and classifieds, but as anyone can do this its becoming clear that valuable news is a differentiator.
(iii) Free and Social Media - can these services survive as at present? My view - no, the lesson is the chat groups that have been going for 10 years or so that have "Freemium" services - pay money, get better access to other people's data.
(iv) Does Freeconomics have the seeds of its own destruction (from Ben Ellis)? My view - yes, a once one player has gone free all the others will, thus competing away any advantage and removing any economic surplus.
(v) Will Ads save Web 2.0 as Free dies - my view - yes, but eventually - clearly more Ad revenue will go online over time, but the rate of value destruction of current Ad supported businesses is faster than the rate of increase opf new businenesses - see (ii) above
Other Blog Posts
- Dan Leahul, Brand Republic
- Abigail Harrison, The Blue Door
- Lisa Harris, Punching above your weight
I'll add more as I see them come up.
*nothing is free, of course - we sang for our supper and the audience funded it. Here endeth the real lesson of FreeConomics
Monday, March 30. 2009
No sooner do we read that Some People use Their (PR) People to write blogs and Twitter for them, but now Twitter is getting some of Its People to talk to Their People. TechCrunch:
So, what is going on here? Well, the Twitter Slebdunk is obvious - get Free PR! But why are the Slebs signing up in the first place, one wonders?. Well, the old adage is to Follow The Money - or in this case, the Social Capital.
This is because Media Social Capital (or fame) is driven by media exposure. But Celebrity culture - is driving changes to what constitutes "fame" - aka Whuffie - in medialand:
Welcome to the twenty-first century where the days of celebrity status are assessed by breast size, amount of marriages/divorces, and the number of tabloid covers appeared on. Long gone are the legitimate celebrities. The best of luck to you if you're trying to find a famous Shirley Temple, Judy Garland, or Lucille Ball in today's world, as it is a much-desired rarity. What has society morphed minds into? Has the media really lost control of what is deemed as newsworthy? What about global warming? The Bird Flu? When did these lose priority to Lindsay Lohan's alcohol addiction and Pamela Anderson's latest divorce?
In other words, Social (and Financial) Capital comes from media exposure, regardless of how its attained. In the old days, media access was typically via talent (or even better, nepotism), but today it can be accessed simply be being famous for being famous. To do that you just have to find some schtick to beat the fame horse with.
And Twitter is a brand new media channel to use to grab more attention from the faithful, and to get ahead of those that aren't so quick on the uptake. Heck, its a gold rush for New Slebs wannabees too!
Yup, its all about Makin' Whuffie - or, since all the twts and blogs are done by PR minions, its about Fakin' Whuffie.
Which, of course, brings us to a whole 'nother issue about Social Capital and its Ease of Quantitative Easing (aka Printin' Whuffie) but thats a whole 'nother post.
Friday, March 27. 2009
On Monday I'll be speaking at the Chinwag session on Freeconomics, so I thought I'd get my riposte in first, as it were
About a year ago, I wrote the first paper on the blog about the "Limits to Freeconomics", to universal popular derision by the supposed Smart Set at the time. You can see those main papers here and here
That was the time of the Max Bubble, when speculative money was flooding in and many people confused this capital injection with real sustainable income. When The Crunch came this all changed, and by the time I gave a talk on my work at the O'Reilly/Web Expo session in Berlin in October 2008, it was interesting to see that Chris Anderson, who had been leading the FreeConomic charge, was already shifting from "Free" to "Freemium".
(O'Reilly/Web 2.0 talk is posted above on Slideshare)
Then came the riposte by the music industry that one of the underpinnings of "Free", ie the Long Tail, was neither Long nor a Tail. I was at the Telco 2.0 conference when that work was presented there, and that led to further shifting of the ground under the Free when Harvard University weighed in.
I had a chance to see the next paradigm shift at SXSW, when Chris Anderson was interviewed by Guy Kawasaki. (A Guardian piece on the session is here, my SXSW "Limits to Freeconomics video will be shown on the SXSW site soon, I'll link to it when it appears). One of the brilliant bits was Mr Anderson's comment that in the 20th Century "Free" was an economic thing, but in the 21st century its a Semantic thing.
This semantic shift pretty much says it all. Free no longer means Free!, it now means Pay!
And as the capital wave drains away, it is clear that many "Web 2.0" companies' business models were built on the assumption that some fool would fund them for as long as it took for Google to buy them. No VC money, no Google = no company - the shells of bust companies are starting to litter the beach behind the receding tide.
Still, Mr Anderson insisted that it was still the natural order of Digital Media to be free:
"It's the animal force of economics. The internet is the most competitive market we have ever seen and costs are nearly zero. The law of physics means that if you do not make your product free, gravity will do it for you."
And to those doubting him and nitpicking his economics, he noted that:
In fact, as The Economist noted, the "Real" Freeconomic gig was to grab some VC money on the back of dubious promises about Ad revenue, persuade a whole lot of muppets to generate user generated content, code and karma for free and then sell the f*cker to some behemoth like Google or AOL before the non-free transaction costs killed it
How to make money the Old Fashioned Way is to charge people for things. This is, following the Semantic shift, Pay! is the New Free
This was inevitable - FreeConomics was not true a year ago, and it becomes even more untrue today, for the same reasons as last year - to summarise:
1. Nothing in the Digital supply chain is Free. Some parts of the chain have reduced in cost, but others have not. It starts off low cost, but as volume rises all thoe other costs start coming into play
The new Free! plan is in fact Freemium - where a small number of people subsidise the majority, who get it for free. But "Freemium" models have existed since antiquity, they work in some situations, don't work in others. This is also likely to be true for Digital goods. The issue lies in the price sensitivity
Assume for example that a service serves photos (like Flickr), and that the hosting, bandwidth and distribution costs, fully loaded, are c $0.10 per month ($1.20 per year) per person. For 100 users, thats $120. Assume also that c 5% of these 100 users pay Freemium prices, so 5 people have to pick up $100 or $24 pa each (Flickr charges $25 for its Pro account)
But now imagine a video sharing site - files are c 10 - 100x bigger, so suddenly a 5% takeup is a $240 to $2,400 cost per person. Or imagine that one can only get a 2.5% takeup, thats $50 per person.
Not all things will work as Freemium. There are also Razor & Blade models (get shiny new mobile phone free, pay over the top for 24 month contract) and other forms of offset will persist (mainly driven by dataphishing to get some view of your future net present value, we hypothesize)
His latest iteration in the story is that America may be the Land Of The Free, but China is the Land of Free due to its libertine attitude towards copyright and conservative attitude towards labour costs. As the Guardian reports:
Anderson hails the Chinese music business as a perfect example of how the country's lack of intellectual property protection can work. "Pirates will pirate a CD, which creates celebrity, which you can use to create cash," he says. "Chinese pop stars make money not off music sales, but from making personal appearances, starring in advertisements, etc."
touring is a loss-making venture until you can fill venues that hold a few thousand people or more. Then you can at least break even. Besides, the songwriters who write for others make few royalties from these tours, and the record producers make nothing. Merchandising income does not exist for either.
0.6p for a million views. Yup, you can live on that.....not!
Which brings us to the core issue for new content creation - artists may starve in garrets for art, but they still starve. Others just exit and do something else, The main reason that Freeconomics has survived to date is that copying other people's stuff is the lowest form of content creation going. Problem is, as YouTube is finding, its hard to attract paying customers or advertisers to such content. Without signifiicant Google subsidy, YouTube would collapse in months.
So where does that leave us?
Simple - Freemium will work in some cases, there is about $50bn for Ads to subsidise stuff (it will grow, but not rapidly in recessionary times as Ad spend is tied to GDP) and there are some last pools of risk capital left among the rocks.
But that is not going to fund Teh InterWebz. In Google we (may) trust, but for many of the others we'll be paying cash.
Breakdown of Mobile Motivateds vs Mobile Meh! (Pew Research)
We hear a lot about the rise of the "always on, fully mobile, digital road warriors" - and a new piece of research by the Pew Internet Foundation exclaims that:
Except that their own data shows that only about 40% of the US population is mobile mad, but 60% are mobile Meh!
Five groups make up the 39% of American adults who make up the basket of groups they called "Motivated by Mobility."
Digital Collaborators: 8% of adults use information gadgets to collaborate with others and share their creativity with the world.
The profiles of the other 61%, the "Stationary Media Majority," are:
But the trending is also interesting:
- 66% of those in the "motivated by mobility" groups report that it would be very hard to do without their cell phones.
Allow me to cross multiply these data across the whole population:
- 66% of 31% motivateds - ie 20% - cannot live without their mobile phones
Seems like its becoming Mobile Meh!dia to me. I suspect its those pesky laptop and netbook thingies. Pew puts a brave face on the mobile Meh!, saying that the occasional use of mobile applications and decidedly lukewarm attitudes of the previously "on the button" Desktop Veterans and the Drifting Surfers, who make up 26% of the adult population (and have broadband adoption rates of about 80%) leave them off the cutting edge. But if the cutting edge is blunting...?
Methinks though, the action is really in that Broadband Adoption thingy............
Meg Pickard on the things that make her Maaaad about Twitter - More input to the emergence of Twitterquette. :
1. Endless retweeting without adding any value or original thought in between. Or at all. If you retweet more than once a day, especially from the same source(s), I’ll likely dump you and follow them instead. NB, this is even more irritating when I already follow the person you’re retweeting.
Re Point 7 - people on Twitter are called Twits, right? There is a reason for that...........
Gotta love the retro "Get a Blog" in Point 2.
Points 4 and 5 point to the current inability to DM a group of people or that only those you want to see a message get it in their streams. In other words, we need to reinvent Twitter as email......
I'd add the following 3 pet hates:
Feel free to add your own in the comments, I'll pull them up into the main post later!
Thursday, March 26. 2009
Had to link to this post by the Grauniad's Seth Finkelstein about Google and the other surveillance companies, especially in the light of all the stuff coming out of SXSW and World of Networks II on Trust & Privacy issues:
To best understand the issues, it's important to separate out the social ends – refining ads – from the technological means, which is massive monitoring of user activity. Too many discussions of the topic get bogged down in what's essentially an argument of "the end justifies the means", where a nominally beneficial goal of better advertising is presented as sufficient to trump all further implications.
He also points out that there is a turf war between the search players and the ISPs:
A Business Week article bluntly stated: "Phorm could present strong competition for the ad-serving platforms purveyed by the likes of Google and Microsoft".
Update - an article on TechCrunch on "What could go wrong with Google" has all sorts of potential issues, but this one - the competition for data analysis for Adserving - must surely be the key reason)
Tim Berners Lee has also added his weight to this discussion. And this refrain of his below is something I'm hearing more of:
In fact, one of my takeaways from World of Networks is that the Tech of Web 2.0 is sort of done, now increasingly the real fight is about the ethics and the tradeoff between privacy and efficiency..
As SXSW I listened to Tara Hunt present some of her stuff from her book on Whuffie. For the uninitiated, Whuffie is a term used for Social Capital as defined in a Sci Fi novel by Cory Doctorow - Wikipedia:
Whuffie has replaced money, providing a motivation for people to do useful and creative things. A person's Whuffie is a general measurement of his or her overall reputation, and Whuffie is lost and gained according to a person's favorable or unfavorable actions. The question is, who determines which actions are favorable or unfavorable? In Down and Out, the answer is public opinion. Rudely pushing past someone on the sidewalk will definitely lose you points from them (and possibly bystanders who saw you), while composing a much-loved symphony will earn you Whuffie from everyone who enjoyed it.
And it all sounds very good - in theory. The problem comes when you look at the very low level of subtlety in systems that measure Digital Social Capital, and the abuses this can entail. It is well known already that a Social Network operates with a Power Law function, and its an interesting term:
This was really brought home to me today when I read this piece about how Twitter allocates the very limited "Suggested Followers" space at its onramp. Let us assume for example that there are two people of equal social capital within the Twitterverse, but one makes it onto the onramp and the other does not. Within days, the lucky one will have grown their numbers of followers by an order of magnitude. I've watched it over the last few weeks - Guardian, TechCrunch and Mashable were on and saw hundreds of thousands of new followers. The BBC and other equally worthy sites were not, so had much slower growth.
Now imagine if the way of working out one's Social Capital - one's "Whuffie" - was relatively unsophisticated, and looked mainly at the number of followers one had.
Preposterous, I hear you cry! Who would do such a silly thing! There are so many other factors!
And yet this is exactly how most of the current Twitter popularity counters work - they crudely look at number of followers, most don't even adjust for follow/followed ratio (to see who are followtrolls and who have genuine tribes). And in the Twitterverse, the PR engines then use that and compile lists of "Most Influential Twitterers in London" and "Most followed People in Technology". These are then blogged and trumpeted around in the various media channels, so it must be true. And those who have this virtuous circle are then elevated onto the Suggested Followers onramp.
In other words, in a few short steps what was a crude measure has been tranmuted into de facto Whuffie on Twitter. And in a few short months those wot have will gain a lot more, and those wot don't will languish.
So lets just look at the dynamic here:
The Kingmaker (who owns the real estate) can bestow favours (a spot on the suggested follower onramp) to those who are favoured under the system. These lucky people can in turn can then bestow favours on their acolytes (Everybody Follow X, he/she is AWESOME) and the whole system is amplified by the Heralds of Whuffie, those blogs and lists that amplify the rankings.
Upset the person above you and your plug is pulled, you are out the Whuffie Creation Virtuous circle, and over time you will decline as others more favoured shoot past
Now this is nothing short of Digital Feudalism.
To explain - Feudalism being where the King owns the real estate, and hands pieces of it for Lords to manage, and they hand it on to the various followers, all of whom aggregate the value add of the peasants at the bottom for their own benefit. Digital Feudalism does the same, but harvests attention rather than agriculture.
But, I hear you say, Feudalism required the peasants to stay on the land and in their place, and Religion taught them to be happy with their lot.
Ah, but the Social Media Zeitgeist is forever preaching that in the digital world one is free, one has influence, one can find one's own heaven. Follow Me and all will be perfect in this most perfect of all virtual worlds. And in reality, if all your friends are using the service to socialise, you are pretty much locked in anyway.
And now imagine your whole digital life worked like this, that this Whuffie drove your status in the pecking order in all things, i.e. all your interactions were built into these sorts of systems, so you couldn't get out. Imagine too what would happen if you protested, went against the popular grain - all the behavioural psychology in the world so far shows that the crowd would not praise you for your wisdom, but pillory you instead.
Welcome to WhuffieWorld........
(My point is not that Tara's book is saying this - it is a good first step into the debate on Social Capital. But this is all still a first step. Without a lot of the work that has gone into putting the checks and balances into our real world systems in the last 1,000 years or so, then Whuffie based online systems - at least as currently imagined - are a sure fire recipe for creating something like Digital Feudalism)
Wednesday, March 25. 2009
Last night we held a roundup of all the conferences various people had been to recently - TED, SXSW, LIFT, ETech etc (see summary here) - "conference voyeurism" as one wag put it. As I'd been to both TED and SXSW I did a compare and contrast spiel, which was basically this:
TED is $6,000 for 3 1/2 days of packed programming, and SxSW is $450 for 5 more relaxed days - about the same amount of hours. At more than 10x the price (c $1 per minute) I felt more pressure at TED to Do Everything, and one literally felt one was p*ssing away money by going to the toilet
TED c 1200, SXSW c 9,000. In theory the TED audience is much more high quality, and there are big names - but there were also too many of those annoying "Startup CEO" types who interrupt the conversation you are having with Mr Famous to pimp their Thang and press a business card into said hands - this happened often at TED, hardly ever at SXSW. I did not pay $6000 for some rude little MBA sh*t to interrupt me in mid convo (at $1 a minute.... )
TED - huge, from Robotics to Jazz. SXSW less so, its a Techfest, but being part of the overall SXSW music & film festival means there is a lot going on in Austin at the same time
- TED - very high quality of presentation, lower quantity (single stream) of talks. Good content quality overall, and even the poorer ones are bearable owing to the high presentation quality. Not much Q&A
Better at SXSW - more time, more space, and people seem more amenable to it. In theory the quality of networking at TED is higher, but I'd say at SXSW there were a similar number (say c 1,000) of high profile people, and a larger number of ordinary oiks - of whom many were very interesting. TED has a wider range of people, however, and the big hitters are very big. SXSW is more T/M/T focussed and has more Tech hitters, but fewer big name VCs and certainly no movie stars (to my knowledge, anyway). Someone said that TED is where you go to meet yesterdays' heroes, SXSW is where you go to meet tomorrows'. A bit cruel, but you know of what they speak.
Parties / Apres Talks:
TED is more structured to facilitate meeting people, at least until c 10pm when the formal stuff typically closes. SXSW has more "party" parties - free beer, some grub, lots of people milling around in brownian motion. After c 10pm its much the same though, groups of people chatting over drinks in bars/hotels/whatever. SXSW has an "In crowd" party scene, but its more about A-lister pecking order, as the parties themselves are much of a muchness.
Here endeth the lecture.....
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