While communications experts in the realm of social media each have their own unique perspective on the future of social media, one thing is certain. Social media today is in its early infancy. I equate it (albeit loosely) to the NASA space program. While we’ve achieved much, there are worlds yet to be discovered. And that’s exciting.
To understand where social media is going, let’s first remind ourselves how far social media has come:
“People are empowered to get what they need from each other using commonly available technologies. It means the crowd is becoming like an organized company – and that they will bypass inefficient institutions.” – Jeremiah Owyang, founder of Crowd Companies.
“Immersion is where the future of social media exists. Social media sites are becoming more and more about users creating content. By the year 2020, the amount of data online will have grown by 600% and 75% of that will be created by the consumer. This will also be the era of wearable technology and immersion, where the Internet will surround us like the air that we breathe.” – Mark Schaefer, educator and author.
“Twenty-five years from now, the way in which we both input and observe media will have completely shifted. Keyboards on desktops, laptops, tablets and smartphones will become increasingly irrelevant, as interactions on what was once called social media will largely be voice-controlled. Holographic displays will be shifting into the mainstream, making the debate between the benefits of a 4-inch vs. a 4.7-inch smartphone display a thing of the past.” Jeremy Goldman, Author of “Going Social,” Firebrand Group CEO.
Andrew Shotland, founder of Local SEO Guide warns “that while the majority of consumers will ignore privacy issues in exchange for product and service benefits, a valuable, vocal minority will flock to businesses that proactively respect and protect their privacy.” Brands will have to make important decisions on where they will stand on privacy and how they want to use it as a marketing differentiator.
“Messaging apps are the new face of social in a mobile context. They’ve already reached large global audiences and have the potential to become widely used and innovative media portals that integrate games, location-based services, commerce, or payments into one single platform,” Forrester analyst Thomas Husson.
As social media continues to evolve users who also wear the hat of an investor can look forward to new financial opportunities as well, explains T. Rowe Price Manager Dan Martino in the following interview on investing in the future of social media.
- Social media as a term of reference will most likely not exist in the future as it becomes part of our everyday lives.
- Social media will continue to provide new means of communication and financial gain.
- How companies decide how to utilize social media from a privacy perspective will be a key differentiator in the marketplace.
Submitted by: Tracey Pearce-Dawson, SMBP student, University of Waterloo
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