Sometimes there is some economic news that is more than just a little bit surprising. Such is the case with social media giant Facebook. It is a lot like the snowball that gets bigger as it is rolling down the hill; Facebook, its appeal to the masses and its spin off businesses and advertising have shown to have a large domino effect on the economy.
A recent study on Facebook released some overwhelming numbers on the economic impact of the website. Its over 1.3 billion users and the desire for businesses to reach them had an economic effect of over 200 billion dollars and helped create over 4 million jobs last year. Those are some staggering numbers.
The study focused mainly on businesses that had both a page on Facebook, the sites mobile apps and the games that were featured on the website. It looked at the resulting economic activity that was connected to them. This report also focused on Facebook users demands for gadgets and other online connectivity type services. There were several businesses whose sales and profits were directly associated with their advertising that was done by targeting Facebook’s customers.
A great example of Facebook’s influence in the social media market is the silly but purposeful Ice Bucket Challenge, a challenge that was aimed at raising money to help fund research that would help those affected by Amyotrophic Lateral Sclerosis (ALS). Through the attention the disease received on Facebook and the subsequent auto play ads with videos, over 100 million dollars was donated by the websites users to help fight it.
Ironically, the report came out at a time when many people were becoming overly critical of tech startups and were suggesting that these new businesses were having a negative effect on the economy and hurting job growth. The numbers from the report would certainly suggest that startups that were created to target Facebook users had quite the opposite effect.
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