The Web bubble question popped (no pun intended) up again today, but in the most delightful way possible.

Male a capella group, the Richter Scales, yesterday posted a fabulous video lampooning the optimism in Web 2.0.

I came across the video on Mitch’s blog where, just two weeks ago, he presented his perspective on the possibility of a Web 2.0 bubble forming.

While there are very valid arguments on both sides, and compelling indicators that either one may be right, the question I have today, is not whether we are experiencing a Web 2.0 bubble or not.

But rather, if (and when) growth in Web 2.0 suddenly hits the brakes, what is going to happen to all our social media strategies? And while we should not be losing sleep over it, this is something that PR 2.0 agency folks need to think about because like everything else, nothing can keep growing exponentially without correcting or leveling out at some point – especially in light of quivering global economic indicators.

On one hand, optimism is high in the PR community. Leading PR agencies today have dedicated digital strategies or social media practices; more and more digital strategists or social media consultants have been hired as agency pathfinders in a new era of communications; and there are more resources shored up in anticipation of rapid growth in ’social media opportunities’.

Yet on the other hand, there is a sense of caution, giving PR 2.0 / Social Media detractors and skeptics (yes, some still exist!) more reason to reconsider investments in developing social media or digital expertise.

While a Web bubble will certainly affect the sentiments of online PR and marketing strategists, and (or, by) drastically reducing the number of emerging social networks and communication platforms the likes of Facebook and Twitter, this should not be a reason to stay away from social media altogether.

To those who worry, I have a word of assurance – that one thing’s for sure – even with the bursting of a bubble, social media is not going to go away; and even if the flow of venture capital into Web 2.0 technologies is constricted, the ‘media landscape’ has irrevocably changed.

If anything at all, the increasing demands for communication effectiveness, corporate accountability and intelligent measurement will put the pressure on PR to ‘operate online’ more than ever.

So the main thing is not to worry about Web 2.0 dying, but rather – to recognise that Web 1.0 IS already dead and regardless what the future looks like, it will still be in digital.

Update: The original video has been replaced by another (slightly different) version because of this.

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