Facebook 's Social Of And Economic Power Essay

1661 WordsMar 30, 20167 Pages
Q 1. C) What explains Facebook’s social pervasiveness and economic power? In this context are there issues of concern? Nearly twelve years on from its conception in 2004, Facebook now has over 1 billion users (PRNewswire, 2016). There is no denying Facebook has become one of the defining companies of the 21st Century and digital age; its status gained through ever-growing social and economic power. Facebook’s power has been accumulated through one key activity undertaken by the social media giant – data mining. Facebook’s servers hold billions of bytes of information on each and every one of their users, from their generic bio information, to things they have viewed, liked, shared and so on. This data has enabled Facebook to have a unique insight into its users, one which they have commodified into billions of dollars revenue from targeted advertising. This essay will explore ways in which Facebook has continued to entice users to share more and more data and how this data has been used as Facebook’s main way to gain revenue. As well as this issues such as privacy and the potential unsustainability of such profits will also be discussed and assessed throughout this essay. Facebook’s one major commodity – data – has been created and continues be created every second by users of the social media platform. Facebook’s social pervasiveness and economic power can be easily linked to their ability to be constantly enticing users to continue to share information on the platform.
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