That’s a staggering figure. This is an indication that corporate American has seen the financial power and influence that successful social media networks can have and it is itching to get its hands in to the mix.
After some ups and downs, the Facebook IPO initially was valued at about $104 billion, isn’t still doing as well as it was expected to. Some are even saying that Facebook will cease to exist within a decade.
That said, social media “tycoons” are some of the wealthiest people in the world, (and this is prior to the Facebook IPO) with the top 30 of them reaching a joint net worth of $98 billion dollars.
Social networks and the social media industry was valued at roughly $215 billion as of September.
By Tim Mullaney, USA TODAY
When Red Robin Gourmet Burgers introduced its new Tavern Double burger line last month, the company had to get everything right. So it turned to social media.
The 460-restaurant chain used an internal social network that resembles Facebook to teach its managers everything from the recipes to the best, fastest way to make them. Instead of mailing out spiral-bound books, getting feedback during executives’ sporadic store visits and taking six months to act on advice from the trenches, the network’s freewheeling discussion and video produced results in days. Red Robin is already kitchen-testing recipe tweaks based on customer feedback — and the four new sandwiches just hit the table April 30.
Facebook’s initial public offering Friday — the largest by a technology company — is a watershed moment for the consumer side of the Web, but social networking’s real economic impact might be ahead as companies learn how to harness “social business” tools.
Beyond advertising on Facebook or Twitter, companies are using social networks to build teams that solve problems faster, share information better among their employees and partners, bring customer ideas for new product designs to market earlier, and redesign all kinds of corporate software in Facebook’s easy-to-learn style.
“At a very basic level, Facebook is the most popular application ever, with a billion people who know how to use it,” said Marc Benioff, chief executive of salesforce.com, whose Chatter social-networking tools are used by 150,000 companies. “The ability to access information is much better because it’s easier to get to it.”
After a slow start, Big Business is embracing social media in a big way. Forrester Research says the sales of software to run corporate social networks will grow 61% a year and be a $6.4 billion business by 2016.
You can read the rest of the article from USA Today here.