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Economic Effect Of Social Media Essay

2745 words - 11 pages

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 ...view middle of the document...

The gradually increasing dependence on technology for basic communication makes people think about how social networking sites affects daily processes.

Maybe when Mark Zuckerberg created this website at Harvard, he even could not have imagined how popular Facebook will be. People spend more time on social networking sites than doing any other single online activity. Just as the book “Scientific American” stated (Weiser, 1991), “The most profound technologies are those that disappear. They weave themselves into the fabric of everyday life until they are indistinguishable from it.” Social media has infiltrated every aspect of our lives at an impressive rate.

During one of the economic harsh times since the Great Depression, the business world already saw a huge increase in the use of social networking for marketing purposes. Businesses owner try to find other opportunities to promote their businesses; just as the graph (Porterfield, 2011) shows most corporations who use social media are for some special business targets. Even now that we are climbing out of this economic hole, social media is still on the rise, transitioning from the experimental tool to a device that is necessary to modern business.

Characteristics of Social Media
The basic level of entry in most social networking sites is to set up a personal profile, which means users could develop a personalized page where they can present themselves online, through text, photos, videos, etc. To organizations or business corporations, they could develop fan pages where presenting themselves online. Social media users can view the networks of their contacts. Such externalization of networks provide online users access to view their own online social networks and share them with friends and the other general public. Additionally, social media provide a perfect platform for the online users with similar interests and values to gather together to collaborate effectively and cheaply.

Another major characteristic of social media is its ease of use. Anyone with basic Internet skills can develop and manage a social networking sites page or presence. What’s more, social networking sites are free of charge and open for anyone to join. Even most of social media require registrations; there is no limit in membership, which gives people access to involve into.

After briefly introducing the background information and some basic characteristics of social media, we can better move on to talk about the social media’s economic impacts.

Economic Impacts
Long time along, people took raw material and converted it into finished goods. Be a worker in a factory, a carpenter at work or perhaps a farmer engaged in agriculture, a majority of the work force was engaged in the business of transformation. Then a few decades later, there was a shift in the workforce occupation. People change from transformation workers to transaction workers, such as accountant, sales assistant, office clerk,...

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