Network Effects and Exponential Growth Explained Intuitively

Тәжірибелік нұсқаулар және стиль

Network effects are a prime example of exponential growth. We might even use them to answer the question: Why is Twitter so successful? Why does Facebook dominate so much? If you want to understand why social networks like these are so successful, you first have to understand how networks work, and how the VALUE of those networks grows exponentially with size. This Data Bite expands on topics covered in my video Covid-19 Exponential Growth and Compound Interest. You'll learn about network effects, exponential growth in value, and why social networks as successful as they are.
I'm Jeff Galak, PhD, and I do this all without ever using any fancy jargon or any complex math. I focus on intuition and and insights to help you get an intuitive understanding of complex, important, and timely topics in statistics, data science, and data analytics.
Link to video about me and why I made this channel: • Data Demystified - Who...
Link to video about Covid-19 Exponential Growth and Compound Interest: • Covid-19 Exponential G...
Follow me at:
LinkedIn: / jeff-galak-768a193a
Patreon: / datademystified
Equipment Used for Filming:
Nikon D7100: amzn.to/320N1FZ
Softlight: amzn.to/2ZaXz3o
Yeti Microphone: amzn.to/2ZTXznB
iPad for Teleprompter: amzn.to/2ZSUkNh
Camtasia for Video Editing: amzn.to/2ZRPeAV

Пікірлер: 19

  • @channel8048
    @channel80483 ай бұрын

    This is a great video to quantify network effect!

  • @NoncedolucyNtsangani
    @NoncedolucyNtsangani8 ай бұрын

    Great content sir

  • @muskduh
    @muskduh2 жыл бұрын

    just came to say hello. dropping a comment and a like!

  • @roshanmis
    @roshanmis3 жыл бұрын

    Hi Prof. Jeff Please don't stop this ... I really love the way you explain. If you need help with some stuff and don't have people reach out, I would do it for free and on time (Although, I am not sure how much of a help I can be but I can share my profile). Thank you again for this, just keep this going.

  • @DataDemystified

    @DataDemystified

    3 жыл бұрын

    Thank you! I appreciate the offer, but for now I'm handling this okay. That's likely to change I'll keep you in mind!

  • @alphagator360
    @alphagator3603 жыл бұрын

    Great content, sir! Subscribed since day one!

  • @DataDemystified

    @DataDemystified

    3 жыл бұрын

    Thank you!

  • @daniellee0111
    @daniellee01113 жыл бұрын

    I think a video analyzing the cost of attendance for college now vs decades ago (adjusting for inflation) would be very interesting!

  • @DataDemystified

    @DataDemystified

    3 жыл бұрын

    Thanks a great suggestion! Actually, even just thinking about what it means for something to be "inflation adjusted" is pretty important. I think a good video would be to talk about cost of tuition changing in relation to inflation. I'll have to think about what that would look like, but I love the idea!

  • @PersonsandPen
    @PersonsandPen3 жыл бұрын

    Easy to understand and interesting concept. Thanks for the video. :-)

  • @DataDemystified

    @DataDemystified

    3 жыл бұрын

    Glad it was helpful!

  • @sebasrou5804
    @sebasrou58043 жыл бұрын

    I hate to be nit-picky, but this is a pet-peeve of mine. The value of a network doesn't grow exponentially it grows as a quadratic. This is such a common mistake that I don't really fault you for it. You're in good company: larger productions: Scishow, and Kurzegesagt have made this mistake; so did ProfessorDaveExplains. However, it is misleading to compare this growth to epidemiology, where the modeling of r is explicitly exponential. What you're really getting at is that the growth is more than linear.

  • @DataDemystified

    @DataDemystified

    3 жыл бұрын

    I love nitpicking. Thank you for the feedback!

  • @kplayer17
    @kplayer173 жыл бұрын

    Your vids are awesome!

  • @DataDemystified

    @DataDemystified

    3 жыл бұрын

    Thank you! Glad you like them!

  • @MasterJkpatrick
    @MasterJkpatrick3 жыл бұрын

    Got a reddit ad, this is dope

  • @DataDemystified

    @DataDemystified

    3 жыл бұрын

    Glad you like it! More to come every Thursday.

  • @mahbubulhasan4672
    @mahbubulhasan46723 жыл бұрын

    May I ask, what editing tools you use to edit this video? TIA

  • @DataDemystified

    @DataDemystified

    3 жыл бұрын

    Absolutely. I use Camtasia 2020 for 98% of this including editing and animations. The editing in Camtasia is good, but not as good as Adobe Premier (that's the other 2%). However, their animation tools are AMAZING for someone who isn't a graphics designer/animator like me. They are really intuitive and it took me about 5 minutes to figure everything out. In Adobe Premier, as a contrast, I'm pretty sure the tools can do more, but I found the systems so confusing and not user friendly that I quickly dropped it from my work flow. I could imagine a world where I take the raw footage into Adobe Premier, do all the cutting and then go into Camtasia to animate, but that seems like more work, increases encoding loss, and is just annoying. The 2% of the time I need Premier is for the more advanced audio filters. I once left my cell phone right next to my mic while filming and had this annoying repetitive popping noise caused by the interference from the phone. Premier actually has a really easy to use filter for getting rid of that...saved me from re-filming. If you're interested in Camtasia, it's sold on Amazon here: amzn.to/2ZRPeAV

Келесі