In 2011, 80% of US companies counting over 100 employees will market themselves using social media. In 2008, only 42% of these businesses used social media as a promotion tool.
As social media continues to permeate every aspect of global consumer society, businesses and corporations have ramped up their marketing to the maximum.
Companies across the world are spending more and more on their social media strategies, to the point where it is outweighing budgets for traditional TV and print media.
Though social media spending is raging ever higher, it remains to be seen if it can actually bring in the returns. If results do not soon emerge, experts predict a dramatic drop in social marketing expenses.
Sector Statistics – Social Media (source: eMarketer)
- Global marketing expenses on Facebook will reach $4 billion in 2011, with $2.2 billion in the US alone.
- Twitter will draw in $150 million in advertising this year with $250 million in 2012.
- The US will account for over half the world’s social network spending which will reach a total of $6 billion in 2011.
Key Players – Social Media
- Twitter, Facebook, Quora, FourSquare, MySpace, Digg, LinkedIn
Recent Business News – Social Media
- Salesforce.com acquires Radian6 for $276 million
- Google and Facebook are rumored to be in independent talks with Skype over a possible joint venture or outright acquisition
Upcoming Events – Social Media
- Social Media Conference, June 23-24, 2011, Beverly Hills, California, US
- Pan European Social Media Summit, May 19, 2011, Amsterdam, Netherlands
- BlogWorld & New Media Expo, May 24-26, 2011, New York, US