In March, Mashable.com ran a poll on whether social media could be deemed an industry in itself. Of the 921 that voted - at last glance - a high majority (67%) stated that social media was already an industry in its own right. Another 20% said it wasn’t yet but it would be one eventually, and 13% disagreed that it was not an industry.
It's an interesting piece and the dialogue in the comments section is
well worth a read, representing all corners of the argument.
However we choose to categorise social media, there's no denying it is an important field in its own right, developing fast, and transforming the way people, brands and businesses communicate with each other. Here are some stats to put this into context:
Reach: Numerous studies have been conducted, with some 5,000 alone on Slideshare under 'social media.' To use a few stats from Nielsen Online, member communities (social networks and blogs) had a global active reach of 67% in December 2008, up five percentage points on the previous year. 30% of the world's Internet population are now on Facebook, whilst take-up by older age groups signals mainstream appeal.
Revenue: One of the big question marks around social media is the advertising revenue, which still remains relatively low in comparison to the audience reach. It is no secret that these types of media platforms are still trying to work out the best ways to integrate advertising, although some, like MySpace, appear to be making headway. The fact remains that even in a recession, social media remains a growth area where more marketers are investing. Some of the latest stats from eMarketer put global spend on social networking at reaching $2.4 billion globally in 2009, up 17% on last year. This is still pocket money compared to major media, but by no means insignificant. Forrester's review also finds that social media spend by interactive marketers is set to continue its ascent, albeit at slower growth rates than in recent years.
Events: There is a vast array of social media events around the world. Mashable.com does a great round-up on a weekly basis, but this calendar from Susan Mernit also gives you a good list by month.
Social media analysts/press: Social media and digital content is without doubt a hot topic for traditional trade marketing and media titles. There are also a host of digital media websites and blogs that have cornered the space, providing social media mavens with a seemingly unlimited about of content and advice. There's no five day working week for the likes of Mashable, Venturebeat or All Things D, these guys are on the case 24/7.
Social media professionals: There are no shortage of social media entrepreneurs, analysts and strategists reading and waiting to help brands, and the list of jobs is growing. Leading by example, social media gurus are serial bloggers, constantly posting blogs and Twittering 24/7, to keep their community of followers updated. On the client-side, Brandweek recently ran an article highlighting companies that are deeply entrenched in social media. Some are building in-house teams, although it wasn't always just about putting ownership into a silo team. Dell, for example, has a team of 40 conducting social media marketing, whilst Coca-Cola stretches this task across its organisation.
