The Economics & Money of Social Media

Exploring the impact of social media on lives, businesses and economies — as well as the cost of becoming an influencer.

2007 was the year that changed the world. Apple launched the iPhone, the GFC began, Facebook overtook MySpace and introduced the like button, and Season 1 of Keeping Up with the Kardashians aired. These separate events have since weaved through each other to shape daily lives and the world today. Almost 80% of us will check our phones within 15 minutes of waking up and will continue to check them every 12 minutes throughout the day. It’s time we talked about how social media is impacting our lives, businesses, economies, and while we’re at it let’s explore the cost of becoming an influencer.

Consumer Level: The Personal Impacts

Social media platforms like Facebook, Instagram, Snapchat, Twitter etc. are powerful positive and enabling tools but like most things they have the potential for negative side effects when overused.

One of my close friends is what you might call a “nano-influencer”. Active on Instagram, engaging with content and creating her own. After a period of activating and deactivating her account she’s reduced her screen time from 5 hours to 2 hours and only uses her…