Wednesday, July 27, 2011

Social Media by the numbers

From updating long distance friends about life, to blogging about a new way to cook lasagna, social media is a fast growing form of communication in today's society.

Ask almost any teenager how many hours they spend on Twitter and Facebook and the responses will be surprising. High school students are spending more time on these networks than watching television.

Even the digital immigrants (normally those older than thirty, who have not grown up in the generation of advancing technology) who are new to this model of networking are jumping on board. But just how important has Social Media become in our lives and business success?

  • Visiting social sites is now the 4th most popular online activity—ahead of personal e-mail.
  • Time spent on social networks is growing at 3 times the overall Internet rate, accounting for approx. 10% of all internet time.

  • 5,000,000,000: The number of minutes spent on Facebook each day.
  • With over 400,000,000 individual users, if Facebook were a country, its population would only be surpassed by China and India.
  • The percentage of small businesses incorporating social media has doubled in the last year. (12% to 24%).
  • 45% of surveyed business owners believed their social media initiatives will pay off financially in 12 months or less.
  • The two most popular sites are Facebook and LinkedIn, while Twitter has yet to catch on with small business owners.
University of Maryland, Smith School of Business, March 2010