The Internet Corporation for Assigned Names and Numbers, referred to as ICANN, is an international nonprofit organization that develops policies for unique Internet identifiers worldwide.
ICANN recently made a historic decision to allow the creation of generic top-level domains. This means the commonplace domains such as .com, .net and .org will be joined by an array of industries, organizations and brands such as .music, .unicef and .amazon.
However, the cost-of-entry is not insignificant. The first 500 applicants paid $185,000 just to be evaluated and the process takes anywhere from 9 to 20 months depending upon the application and the intended use. These new top-level domains may begin to appear as early as this year.
So what does this mean to you and your business? Probably not much in the short term, however but as the saying goes, time passes in the blink of an eye. Remember, prior to 1995 purchasing a domain could cost up to several thousand dollars whereas today it can be as cheap as $1 when signing up with a hosting service.
The Internet is expanding at a break-neck speed and will continue to be an economic and social force that will shape businesses and generations to come. Post your thoughts!
Kathryn Benda, Digital Marketing Manager