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Jakarta Post

The ‘new economy’: 20 years after the dotcom crash

  • Roy Sembel


Jakarta   /   Tue, September 29 2020   /  01:00 am
Food at your doorstep: During the COVID-19 pandemic, food delivery service has helped ride-hailing apps like Gojek survive. (JP/Arief Suhardiman)

The dotcom revolution of the 1990s – also commonly and more generally referred to as the “new economy” – was dead! That was the theme song of many editorials at the turn of the century 20 years ago. It is understandable because many of the promises of the dotcom revolution – or bubble in 1999-2000 – did not materialize at the time. Almost every day between 2000 and 2002, we heard figuratively the popular song “Another one bites the dust” or “Something stupid”. In Indonesia, Astaga!com – the symbol of the go-go dotcom pioneer – and its successor Mweb Indonesia faced a very tough and rough reality. In retrospect, the failure of Astaga!com and similar companies at that time in Indonesia is understandable. At that time, 1999, the total number of internet users and mobile phone connections in Indonesia was still sma...