One big question is what proportion of that benefit will be captured economically by consumers vs. corporations. Sure, social media allow people to compare prices and quality and assess which companies are good to work for and where jobs might be. They also may enhance education and idea sharing, but the caveat is that the people who use these tools are the ones with higher education and income to spend on technology, not the tens of millions whose position in today’s world has eroded so sharply. According to a recent Pew Foundation study, only 45% of adults making less than $30,000 have access to broadband, which is an essential component of using content-rich social media effectively.
And that is the rub. Like so many things these days, social media contribute to economic bifurcation. Dynamic companies are benefiting from these tools, even if the gains are tough to nail down in specific figures. Many individuals are benefiting too, using LinkedIn to find jobs and Groupon to find deals. But for now, the irony is that social media widen the social divide, making it even harder for the have-nots to navigate. They allow those with jobs to do them more effectively and companies that are profiting to profit more. But so far, they have done little to aid those who are being left behind. They are, in short, business as usual. |
