Social media - why it's serious business

Social media - why it's serious business

You may or may not be aware that a number of events are currently being held worldwide to celebrate Social Media Week.

The annual event, which this year runs from the 13^th until the 17^th February, hails the power and prominence of social media, and its numerous global platforms. The effects of social media are inescapable, particularly as it has revolutionised the way a number of businesses operate. This year’s Social Media Week sees twenty-one cities worldwide host conferences, events and seminars exploring the impact of social media, and the latest trends. But is a worldwide celebration of social media warranted?

Statistics published in the past few weeks would suggest that it is, as social media continues to go from strength to strength. Facebook, which recently announced its plans for IPO in coming months, has been valued to be worth between $ 75-100 billion. Google announced last week that its social media site Google+ has reached 100 million users. This is in spite of some indifferent reviews from early users of the platform, which was set to be Google’s challenge to the likes of social media giants, Twitter and Facebook. These figures show that the site has continued to grow and establish itself as a separate entity to existing social media tools, as Grant Leboff detailed in his recent blog post.

Somewhat unexpectedly, MySpace is experiencing a resurgence of interest, despite being felt by many to be a waning social media platform. The site, famed for launching the careers of previously unsigned musicians such as Lily Allen and the Arctic Monkeys, had started to lose members and was considered to be a little outdated. However, since being bought from News Corp by Specific Media & Justin Timberlake in a $35 million deal last year, the site appears to have been given a new lease of life, gaining more than 1 million new users in the past month. Boasting a music library of 42 million tracks, MySpace is believed to be a challenger to popular music hosting website, Spotify.

Social media is an incredibly powerful aspect of contemporary society.  Journalists frequently quote tweets rather than press releases or official statements as they have both authenticity and immediacy.  News isn’t just reported on Twitter; it breaks there too.  Whitney Houston’s death at the weekend was reported on Twitter twenty-seven minutes earlier than it was by the Associated Press; a frightening but powerful illustration of the impact made by social media.  With such a far reach, businesses ignore the power of social media at their peril. 

The ferocious pace at which social media continues to develop is staggering, making an event like Social Media Week more relevant than ever before. The only problem: how to fit it all in a week?!

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