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The Big Social Pop: 3 Factors Fueling a Social Media Bubble
Maybe it’s just me, but it sure seemed like long before the site had a #1 box office movie that carried its story and grossed a respectable $23 million in its opening weekend, Facebook and the rest of the media phenomenon social gatherings were already everywhere. in our society.
In fact, I think Facebook and Twtiter have become so dominant, you can create a successful frat party drinking game by repeatedly shoving logos in our faces, an almost 24/7 event these days:
1. Get a pack of 18 and three friends.
2. Everyone gathers around the TV, and using their remote, watch the commercials.
3. Anytime players see or hear a request by a company or spokesperson in a commercial to encourage fans to “follow them” on Facebook, Twitter, or any other social networking site, or flash logos on the screen, they must drink the player.
4. The last person to drink loses, and must follow Lindsey Lohan on Twitter for the next 6 months.
OK, so my sentences are a bit too harsh, but the point is that people, organizations, companies, and well, everyone is making billions (probably) daily in social media and online networking sites – classic signature a “burning” of a bubble – and that kind of inflation and confusion cannot last forever.
However, the social media bubble is not your typical bubble, as the sites we are on are truly an asset with a monetary value to us. But I don’t think that means it can’t happen, and when it does, which social media companies will survive, and which will be stripped bare and devoid of value, relevance and relevance?
Is social media in a perpetual state of flux? Here are three deep points for you to decide for yourself.
“Then, where will the money come from?”
If there is one thing we can take away from the Dot-com bubble in 2000, it should be that creating and investing money in a company after the founder of the company decided on (or at least chose) a revenue model. In those days the epic failures of larger than life websites, with names like toys.com, pets.com, and hundreds of others, drowned themselves in crazy gold to get a live website and traffic without any real consideration. on how the company will generate revenue. People often invested in companies, and lost billions when it went out.
We haven’t made any progress in ten years? Today’s social media sites almost perfectly, from an economic and business perspective, resemble those dull and worthless Dot-com companies. The starting plane is the same: some ambitious entrepreneur comes up with the idea, a friend or a small team of programmers starts the site, and the traffic flows because it’s free. There is a formula to the game: create something for free, launch it, seek capital investors and grow the site, but don’t have to worry about the income because you can always turn to advertisers.
“How do we make money?” “Oh, don’t worry about it. We’ll figure it out later. Now, we need traffic,” said the VC, as he wrote a check for half a million dollars. a flip-flopped 20-something encourages her partner. Still need more proof? Just read the history of Twitter, a site with more than 100 million users and still, no clear maps on how to generate revenue.
There is no real value
Readers who are devoted to social media sites will likely take issue with this statement, and of course everyone is entitled to their opinion. But the truth is that there is really no sustainable economic value in social media networking sites. While Foursquare is an interesting GPS platform that allows small businesses to promote themselves to an unlimited extent, I think that in the end, social media brings absolutely nothing to the world table except for advertisers and get-rich-quick internet entrepreneurs. who want your available funds.
Facebook’s mission statement is to “help people communicate more effectively with their friends, family and colleagues”. Since when did humans, the most advanced social creatures in the world, begin to need more effective communication with their friends, family and colleagues? And how valuable are those relationships anyway? When I look at my Facebook profile and see my 565 friends, I think wow – either I have a lot of acquaintances or I’m a very popular guy (I know in the back of my head, the latter is probably not the case).
There was a time, and not too long ago, when Silicon Valley was teeming with brilliant scientists and continues to develop powerful inventions and innovations like semiconductors, microchips, and the Internet. Companies that are universally recognized for their drastic life-changing innovations like Microsoft, Sun Microsystems, and Google have had a measurable economic impact on the world’s communities. Today, I wonder if it’s just full of app developers who are on their dreams of selling a few million overnight virtual farms to anyone who is actually willing to buy it.
Like other famous and historical capital bubbles, in the process of development of social media networking sites, there will be significant mergers and interesting companies that will explode under the influence of a deadly cocktail of heavy debt and the effects that I mentioned above. . No need to worry, however; even after the Dot-com boom, not only did many Internet companies survive, but they flourished in the years that followed, including Amazon, eBay, and more, and the same fate holds for social media and networking sites.
In the research for this article, I collected a small batch of press releases from obscure social media-related companies that were merging with each other, including an advertising company and Europe’s largest blogging platform, in both examples and separate communications. saw
And the rumors continue this morning since Facebook broke the news that they will be making a big announcement today shortly after an apparent partnership with Skype was announced last week. It may be the expected integration of audio and video communication for the Facebook platform, but no matter what, rest assured that the integration will be among the strongest and weakest social media sites, and it is likely that these two exhibitions will is a much larger color.
At least one social media site has gone down this year, and a reasonably important one at that. 12 Seconds was a user-generated website that allowed users to share videos with each other. As a member on the site, I received an email from the company three days ago that basically said 12 Seconds is closing the door, thanked a select few key people in the company, thanked the users, and that was it. The site will be closed on October 22.
Could this be the beginning of the end of viral and infectious social media sites, or are we just warming up? Let me just say that I am an avid user of Facebook, Twitter, LinkedIn, and YouTube, and I will continue to join and use social media networking sites because I enjoy what advanced technology has to offer me. Unfortunately, I’m also an economics student, and with that comes speculation about everything.
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