Social media’s effect on world economy

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Any economy can be either good or bad from an individual’s point of view. There must be a force, which can supersede one economic phase over others. In the current global economy, social media is the driving force. It's not only because it has changed the whole concept of online marketing, but it also has been providing millions of job opportunities since 2009 both online and offline.

Emergence of social media has led people think of starting off their own social media companies and agencies. Instead of thinking of other business routes, people are considering to launch dedicated social media organizations and websites. Mashable, Radian6, Techcrunch, Social Media Today are the brightest examples in this context. Apart from that, emergence of startups in social media consulting business has become very common these days, which provides a huge rate of employment in private sector.

Ever since social media has grown its status from the basement to the penthouse, people have started to look at social media jobs respectfully. There was time, when people accessed social networking sites for chatting and personal interaction. But now these platforms are being used for a more serious cause, called business. Groupon alone has 4500 employees, followed by Facebook with 2000 employees, LinkedIn with 900 employees, and Twitter with 300 employees.

The high growth of employment has definitely affected the overall economy in the world. How? Social media alone contributed 8.5% to the global economy since 2008.

Apart from providing thousand of jobs, some social networking channels are inventing innovative ideas to earn revenue. For examples, gaming sector has got a huge boost from social media. Facebook Ads contributes a great deal into their approximate $4 billion revenue.

Every industry is making money hand over fist from social media and there’s no denial in that.

 

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