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Economic Effect of Social Media

In: Business and Management

Submitted By liz019
Words 2712
Pages 11
Executive Summary
Social media, online social networking service, has been existed for a long time. In that time, people use social media as an effective way to expand our social circle. People who use these sites form a social network, which provides a very strong and powerful way to connect, share interests, and keep in touch with others across the miles. However, as “the valuation of Facebook raised in a significant way, settling at figures in excess of $80 billion just after the company’s developer conference in September, 2011” (O'Dell, 2011). This valuation of the social media is only ranked second to Google’s. Even an obtuse CEO can realize the important impact on the business industry that social media will bring. Such a high valuation is not only because Facebook provides more than 600 million users a platform to communicate with each other, both in their leisure time and at work. Therefore, it is obvious to observe the social media’s economic impact. The economic impacts of the social media are increased work opportunities, decreased business cost, positive push in consumers’ purchasing behavior, increased opportunities for small businesses, and increased employees’ productivity. However, one thing should be noted that there may some different economic impacts in different countries because each country has their own cultures, economies, and business structures.

Introduction of Social Media
Social media, online social networking service, is among the most popular sites on the Internet. It is a web-based service that allows individuals to develop their public presence in a bounded system and articulate a list of friends with whom they may share a connection. In the United States, the most common social media are Facebook, YouTube, Twitter, LinkedIn, Flickr, MySpace, etc. Users embrace social media as a way of communication and social networking in daily...

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