The Social Media Industry
We have decided to choose the social media industry because it’s an industry that surrounds the world in this generation. We use social media every day. Some people use it so much, that they can’t live without it. It has a great effect on us. We can relate to it. In the following few paragraphs, we’ll be describing the industry we chose, we’ll discuss about it’s competitive nature, the popular establishments, the state of demand for the industry’s products, employment, wages and salaries, its performance in the market, and regulations.
The social media industry was starting to form around 10 years ago. The idea of communicating and sharing content presented itself on the internet via chat messengers. Those were the …show more content…
The state of demand within an industry refers to the demand of a product traded. Unfortunately, the social media industry does not sell any products and the physical use of social media does not cost any more than your internet bill. So one might wonder how is it that people make money through social media. Well, social media is considered a platform to connect users with other users and more importantly to connect users to advertisements (4). This form of advertising is only about ten years old and it is already exponentially bigger today then it was when it first started. In the modern world today, there are around 3 billion internet users, of those 3 billion 2.1 billion people have social media accounts (3). Due to this, the social media websites and apps act as a platform for advertisers to reach a very large public at all hours of the day. The state of demand in this industry acts similar to the state of demand of commercial air-time on TV in the way that the demand is ever increasing except on a much larger scale because internet advertisements are not just randomly placed on users’ profiles, but instead based on the data the social media company acquires from users’ internet usage to target specific interests of the user in order for the advertisement to be the most effective possible. Advertising on social media is in high demand and is constantly becoming more and more competitive as companies are constantly fighting to get brand recognition. While analyzing the demand you notice, there are a few factors that can affect the state of demand in this industry. These factors include the price per click of an and and the size of the audience you are trying to
We have decided to choose the social media industry because it’s an industry that surrounds the world in this generation. We use social media every day. Some people use it so much, that they can’t live without it. It has a great effect on us. We can relate to it. In the following few paragraphs, we’ll be describing the industry we chose, we’ll discuss about it’s competitive nature, the popular establishments, the state of demand for the industry’s products, employment, wages and salaries, its performance in the market, and regulations.
The social media industry was starting to form around 10 years ago. The idea of communicating and sharing content presented itself on the internet via chat messengers. Those were the …show more content…
The state of demand within an industry refers to the demand of a product traded. Unfortunately, the social media industry does not sell any products and the physical use of social media does not cost any more than your internet bill. So one might wonder how is it that people make money through social media. Well, social media is considered a platform to connect users with other users and more importantly to connect users to advertisements (4). This form of advertising is only about ten years old and it is already exponentially bigger today then it was when it first started. In the modern world today, there are around 3 billion internet users, of those 3 billion 2.1 billion people have social media accounts (3). Due to this, the social media websites and apps act as a platform for advertisers to reach a very large public at all hours of the day. The state of demand in this industry acts similar to the state of demand of commercial air-time on TV in the way that the demand is ever increasing except on a much larger scale because internet advertisements are not just randomly placed on users’ profiles, but instead based on the data the social media company acquires from users’ internet usage to target specific interests of the user in order for the advertisement to be the most effective possible. Advertising on social media is in high demand and is constantly becoming more and more competitive as companies are constantly fighting to get brand recognition. While analyzing the demand you notice, there are a few factors that can affect the state of demand in this industry. These factors include the price per click of an and and the size of the audience you are trying to