Why doesn't the City get the internet?

The Daily Telegraph doesn't seem to be alone in not understanding the net.

I've just had an email from an investment house telling me they've added an entry to their blog.

Do they not understand that RSS means I know this already?

I'm afraid all the interesting conversations I've had with PR firms about new media are in trade PR. For instance Ashton Billige in property PR have some good podcasting and portal clients, and know their stuff when it comes to new media. And Eulogy!, which has mainly media clients, is really ahead of the curve on blogging and search engines.

City PR firms on the other hand, with limited exceptions, seem to think their job is done if they get the regular regulatory news out. Few of them put out much beyond that and as far as I know, none of them are really blogging or podcasting.

Then we have the example of Stock Market TV, which is a show that goes out at 11 am. On a web site. It's not on Youtube. It's longer than 20 minutes. You have no way of navigating through the streaming media or downloading it. It seems to me to be driven predominantly by a linear programming, television focused model. The content might be okay but a TV programme on a website is, er, very Web 1.0.

I'm not sure why the City doesn't get it. Wall Street does. But in the UK, despite the immense amount of wealth possessed by reasonably youthful web, IT and telecoms entrepreneurs, the City seems still to be driven by the needs of fifty and sixty year olds if you look at much of the advertising. I may be wrong, but I just get the idea that innovation is not happening in the City.