Executive Summary - The People's Revolution: Implications of Web 2.0 and Social Media Applications Author: Martin Olausson Publication Date: 30 Nov 2007 Pages: 4 Service Navigation: Digital Consumer > Digital Media Strategies

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As a direct consequence of continued consumer take-up of broadband Internet access all over the world, the Internet and the World Wide Web are rapidly transforming into the key platform for mass communication and social interactions. For some pioneering segments, social network sites such as MySpace and Facebook have already replaced email as the primary way to communicate with peers. People all over the world are also continuing to upload pictures and video clips and are expressing themselves via blogs and in chat rooms. It is becoming increasingly clear that the established media companies will have to compete for eyeballs not only with traditional competitors but also with an ever-increasing amount of user generated content (UGC). But in spite of an estimated 373 million users worldwide in 2007, the long-term financial viability of even the largest social network sites depends heavily on the ability to develop targeted advertising techniques that as yet are largely unproven, or may ultimately be thwarted by privacy regulations. This report examines the current state of play in Social Media and assesses its future impact.