Social media: Managerial and economic opportunities and challenges

Abstract

Social media allow media companies to nurture and develop conversations, improving trust; understand demands; sense environmental and societal concerns, assess risks, and, in general, be part of the public debate. Thus provide an opportunity to accomplish media’s broad social responsibility and increase value creation. This chapter tries to understand the profile or people using social networks and how social media help to communicate and accomplish social and individual needs. It investigates both attitudes and the cultural and market implications of social media. It uses two quantitative telephone surveys with a structured questionnaire and a literature review of the field as research tools. Our research suggests that higher usage and gratifications are associated with sharing music and video content. Social media and the rest of “online media” are different: markets have become conversations, with far-reaching consequences. The emphasis is again in person-to-person communication. An individual that reads something and shares it with others is both a communicator and a contact point in the media network