If you are looking for a summary of why social media is currently considered de rigeur look no further than this video by Socialnomics. The video aims to answer the question: “Is social media a fad?”. It neatly summarises recent statistical data (with a bias to the US) and the extent to which social media is being used across the web and web connected devices. It’s definitely worth watching and I shall be using it in my next training class to kick things off.
As Kara Swisher points out, it’s slick, but social media is “more like a financial dud so far”.
This is a viral video to promote a site (and book of the same title) regarding how social media “transforms the way we live and do business”, yet there are few references to the trickier questions of finance and business. Whilst social media services themselves are gathering huge audiences very few people have managed to make the sums add up. Watching the video new to the subject you might also presume that social media is a new phenomenon that’s sprung up in the last few years, not something older than the web itself*.
To answer the question “is social media a fad?”, it’s worth taking time to understand Gartner’s hype cycle. This is used by the company to estimate how long technologies and trends will take to reach maturity, and help organisations decide when to adopt. Their cycle has five phases:
- Technology trigger
- Peak of Inflated Expectations
- Trough of Disillusionment
- Slope of Enlightenment
- Plateau of Productivity
Below is the graph by Gartner for emerging technologies, taken from their latest report, courtesy of We Are Social. It shows how different elements of the social media phenomenons mentioned in the Socialnomics video are in different stages of the hype cycle.
Particularly worth noting is that e-book readers (like the Kindle) are currently at the peak of inflated expectations, whilst wikis are on the slope of enlightenment.
So whilst social media may be statistically more than a fad, and that certain elements are possibly coming towards the end of the hype cycle, the video glosses over that what makes media social. Media is made social not by technologies or websites but by people. As Mark Earls points out:
People not things shape fashions.
* For example, the discussion forum, Usenet, used internet technologies that pre-date the web.
UPDATE 24/08/2009: This review about the video over at ZDNet is worth a read too.