Is GOD on Facebook… Because Everyone Else Seems to Be?
Growing Impact of Social Networking
Facebook has more than 900 million users, which makes it the third-largest “country” in the world by population. Nearly half of these users log in every day, and the online population in this category has been growing at an estimated 50% pace.
Social media is expanding at a breakneck speed. Around 64% of all internet users today have at least one social networking account.
Social Media as the Fastest News Channel
Social media is not just growing—it is shaping how information spreads. In many cases, it has emerged as the fastest news channel. Some notable examples include:
- The first public news about the Abbottabad operation appeared on social media
- The Sunanda Pushkar sweat-equity controversy broke on Twitter
- The Ram Sene controversy gained momentum on Facebook
- News about earthquakes, blasts, and emergencies often breaks first on social platforms
- The Jasmine Revolution in Egypt, part of the larger Arab Spring, was fueled largely by social media. One of the key figures, Wael Ghonim, worked at Google
Social Media Makes Dollars, Not Just Sense
Social networking is also a significant economic force:
- Google invested $100 million in Zynga, creator of popular social games like FarmVille and Mafia Wars
- A Nielsen report shows nearly 23% of Americans’ internet time is spent on social networking and blog sites
- In comparison, only about 4% of time is spent on search
- Facebook, valued at over $100 billion, became the third-largest American internet company following its blockbuster IPO
Harnessing the Power for a Connected Future
Social media has led to consumer empowerment and a gradual shift of power from producers to consumers. Several real-world examples highlight this shift:
- A Facebook post by Dhaval Walia criticizing Vodafone’s poor 3G service in Mumbai was picked up by mainstream media
- When Greenpeace exposed the use of palm oil from Indonesian rainforests in KitKat, Nestlé changed its sourcing policy
- Procter & Gamble sent filmmaker Farah Khan a month’s supply of Pampers after she tweeted about a shortage in Mumbai
Social media has also:
- Acted as a catalyst for mass movements (Anna Hazare’s hunger strike and the Jan Lokpal debate)
- Become a powerful tool to build employee engagement and team spirit
- Enabled access to a much larger sphere of information through trusted personal networks
Final Thought
Social media is something you may love or hate, but ignoring it is done at your own peril.
Only time will tell whether businesses can truly harness the power of connections to build sustainable business models and generate long-term economic value.
Till then, it remains just another brick in the wall.
Disclaimer
This content is provided for educational and informational purposes only.
It should not be construed as investment advice, research, or a recommendation to buy or sell any securities.
Readers should evaluate information independently and consult appropriate professionals where necessary.
