How long can we sustain the social media phenomenon?
Last night I delivered a 2 hour workshop on behalf of the Federation of Small Businesses. The topic was Social Media – What can it do for you and how?
It was an ambitious effort in just two hours and inevitably we rushed the end bit!
Whilst I was preparing this workshop it dawned on me just how difficult it was to ensure that we covered all the bases. Within the time it took to formulate the structure and put it down on paper, various offerings from certain platforms had changed! It reminded me of just how fluid this area of marketing is; I deal with it every day, but still have to run to keep up!
In preparing this epic challenge I dug deep into the history of some of the companies behind the platforms and came up with jaw dropping figures that I wanted to share with you.
How long do you think it will be before your company is worth US$1.65 million?
Well, if you were YouTube, it would take approximately one year from setting up your office above a Pizzeria in California to selling your business to Google to make that money!
If you were Instagram, your wait would be two years before selling up for a staggering US$ 1 billion to Facebook (and I can’t even begin to imagine how many noughts that has).
So in real terms, what does this all mean? Can social media platforms continue to expand at their current rate? LinkedIn is quoted as having two new members every second and Facebook tells us that 50% of their users are on their profile pages for 34 minutes a day – you do the maths!
What do you think?
Will social media implode or reach saturation in the near future?
Pinterest was launched just a couple of years ago in 2012 and has already been valued at US$ 5 billion by May of 2014. And as yet they only allow advertising in their US base – the rest of us have to be content with registering our interest for when they go live globally with the ‘sponsored’ pins…
I have no answers; my crystal ball is cloudy on this one. But, what I do know is that the next phenomenon to hit us will only just be around the very blind corner at the bottom of the road – and running won’t be enough – I’d better start servicing my very old shaky bike for this one if I want to keep up so the companies I work with don’t get left behind! Anyone seen the WD40?