Facebook's Impact On Global Economy

Name: Lee, Felicia Li Ern

Student Number: 97150A12-5

Topic: Facebook's Impact on global economy.

1. Introduction.

Facebook was started by Mark Zuckerberg in February 2004. It is said that facebook connects more than 1.35 billion people around the world. Facebook created more than 4.5 million jobs and more than $227 billion of economic activity in the year 2014 (Anadolu Agency, 2015). Deloitte (2015) states that facebook's current target on improving the experience on promoting connectivity and mobile platform has helped the businesses grow in developing countries such as Brazil, India and Indonesia. Facebook's entry into new markets has unlock new chance to enable economic impact within and outside of its platform.

Deloitte also points out

Facebook is also used to raise the awareness of their brand. Business to a greater extent uses Facebook's marketing tools to expand. For example, through advertisement and also via pages, businesses can efficiently obtain and retain customers and also raise their brand awareness. In contrast, people can use facebook to discover new companies and also brands or they can also connect with business that they have already know. Facebook's marketing tools are ready for use everywhere. In addition to the government and businesses, non profit and other civil society organisation also uses facebook to connect with their members which then enables both social values and also economic values. There are three sources of effects to be taken into consideration which creates economic impacts through marketing. The three sources are pages, targeted advertising and also referrals.

2.1 Pages.

Pages grants businesses with a method to setup and improve their presence online across tablet, mobile phones and also desktop. Facebook allows people to come across pages that are according to their interests.

2.2 Targeted

Facebook is among the most popular services on both mobile devices and desktop and its measured by the number of visits as well as the time spent on the platform. More than thirty three percent of people are active on facebook and they log into the platform mainly with their mobile devices and their share has been growing firmly. Innovation in mobile devices and the internet infrastructure and also the growing number of services built on top of them are aiding the sharing of enlarging richer multimedia content. For example, People on Facebook often share high-definition videos captured by their mobile devices and posting links to stream vidoes or musics or even viewing high-resolution photos. To access these services, Customers are purchasng more generous data allowances and faster connections. Connectivity in developing countries enables people to participate in the digital economy thus stimulate the ecnomic impact and also enabling the transition to knowledge-based economies. The improvements in broadband infrastructure devices and general connectivity spillover to the other part of the economy and hence activating economic