The document discusses the changing landscape of public relations and marketing with the rise of social media. It argues that the traditional PR model of top-down communication is being replaced by a new model where markets are conversations and reputation is formed through aggregated individual dialogues on social networks. Academics must assess how this shift impacts established communication theories and whether new theories are needed to account for the transparency, reach, and interactivity of internet-mediated communications. The rise of social software and user-generated content is challenging PR professionals to examine reputation formed through complex networks of individual voices online.