“Sharing is caring” is a saying that the Salvation Army first introduced in the 1950s. The concept has always been popular, as people have always wanted to share pictures of themselves on trips capturing the experience. Images allow individuals to hold on to memories, but before introducing social networks, sharing our photos and thoughts on a real-time basis was only a pipedream. As social media started to blossom, only companies that realized the power of these platforms to capture likes and dislikes would allow a new form of marketing to emerge.
Social Media Use
There are several different types of social media, and each person uses it to enjoy the experience. Those who want to share their lives through a digital image often take pictures of themselves and share it with friends and the public. Others want to follow the news in real-time as social media has brought many news outlets as the source for real-time information. When you check on a vendor, including restaurants and hotels, you might look at your social media group for suggestions.
Unfortunately, with the good, there is always some bad. Social media platforms have become a growth center for politics. The targeting that companies initially used to sell products was also used to disseminate specific information. The world watched as social media was used to create an attack on the U.S. Capital by a group of protestors. Finding the right balance that allows freedom of speech and positive uses for social media has now become center stage.
Social media has its fair share of detractors. The use of social media products has perpetuated with the use of the mobile phone. A Pew Research Center survey reported that 42% of respondents say they had taken a break from checking social media platforms in 2018. This research was taken on a U.S. population group. Additionally, the survey showed that 26% said they had deleted the Facebook app from their cellphone. The information in 2019 taken by the same poll showed similar results.
The pandemic has likely changed this scenario. The lockdown made the use of social media essential to those who could not be in contact with others. Using social media to share during the first few waves of the pandemic was also necessary to our mental health as a human race. As the rollout continues to move forward unevenly, social media has become an essential part of people’s lives.
Who Should Police Social Media?
The use of social media has created a lot of controversies. Stricter regulation could be in the cards, explicitly targeting the collection and use of consumer data. The European Union is the leader in this area, already generating principles incorporated into the General Data Protection Regulation (GDPR). Several companies worldwide have copied the GDPR protocol, which will likely create more regulation on data, leading to stricter regulation of this information.
In the wake of the attacks on the capital in the United States, Congress has attempted to move forward with an official inquiry similar to the one conducted after 9/11. This investigation is also a partisan issue, although the theory should be clear-cut. The GOP leaders have decided not to make many appointments to the committee that Republicans have already attacked as a partisan. The reality is that many social media platforms have already started the process of becoming the platform policy. This game is a tricky business, as if you police what is on your platform, you could be considered responsible for the content. Any information that comes across as racist will be flagged according to Facebook and Twitter. Both of these companies have already banned former President Trump and will not allow him to have an account on their social media platforms.
The share trading in Facebook, the largest of the social media platforms, has been terrific. Since hitting a low in March 2020 as COVID-19 started to spread across the United States, the stock price has increased by 160%. Share trading has been volatile at times, but the company’s performance has helped lift the shares to all-time highs in 2021. Momentum remains positive as the MACD (moving average convergence divergence) histogram is positive and has an upward sloping trajectory, a sign of a positive accelerating rate.
The Bottom Line
The upshot is social media platforms have changed our lives. It changes what we see and who we contact. It allows us to share moments and capture memories. Social media platforms also allow information to be passed on and have created the need for a policing agent as the power of these platforms is larger than the profitability of a few companies. Online share trading of social media platforms like Facebook has been robust during the pandemic. The slow rollout of the vaccine will likely pull forward the monetary benefits social media platforms enjoy