While Facebook has been valued at $50 billion, corporates and governments are beginning to take notice of the booming social media industry. With platforms like Twitter, Flickr, YouTube and LinkedIn granting more power to the common man to spread information via the digital media, the ?seats of power? are being made accountable for their actions, experts said at the Nasscom Leadership Summit Thursday.
?It is not only the fifth estate, but is challenging the other estates as well,? said Nik Gowing, main presenter, BBC World News.
He added, ?Social media has brought about a vulnerability, fragility and brittleness in the seats of power. It has given birth to a new accountability factor. Governments and businesses cannot manipulate information disseminated through tweets, status updates or mobile footages. The speed, impact and connectivity that new media provides is changing the dynamics of the entire media space.? Traditional consumers of information have become producers of information with the help of cutting-edge technology, and are challenging more established forms of media. Gowing calls them ?motivated amateurs? who are ?creating a huge impact? on the entire eco-system through ?digital bullets?. ?He said, ?Social media has brought about a democratisation of power. There are four billion mobile-phone users globally and more than half of that population engages in transmitting information through social networking sites, mobile videos and images. With more penetration of smartphones, that number will rise.? Underlining the importance of social media in the corporate sector, Rajendra Pawar, founder-chairman, NIIT Group, said, ?Social media adaptation is a must for companies, especially for small and medium business (SMBs). Using technology and media for more transparent information exchange is important.?