Demo or Die! You're a teen hacker, you want to impress, you demo code (1995)
wired.com
wired.com
This is an article from 1995. I think this sums it up well
Demos are the last bastion of passionate, crazed, enthusiast-only programming, crafted purely for the hell of it by inspired teenagers working entirely in their spare time. The teens create jaw-dropping audiovisual effects beyond the dreams of most multimedia designers. Constantly striving to better their rivals, devotees of the demo scene cram spectacular three- or four-minute presentations onto a single 800-Kbyte floppy disk, fitting them into tiny amounts of memory. Freely spread by disk-swapping over bulletin boards and other sites on the Internet, then replayed on home computers all over the planet, each demo becomes a piece of digital graffiti, proclaiming the superiority of the gang that created it. Demos are made by the rock-and-roll groups of code.