A simple platform designed for communicating across cyberspace has evolved into a system that has expanded the reach of business and provided them with an infinite number of opportunities. No longer are social media networks restricted to sending pictures and messages; but rather critical tools for promoting and expanding the scope of business. The deluge of social networks onto the internet began in 2003 when Myspace hit the scene. The phenomenon continued in succeeding years by now more well-known social networks such as Facebook (2004), YouTube (2005), and Twitter (2006).
Gaining legitimacy
Social networking provides individuals and businesses alike with specialized tools and applications that facilitates a more organized transfer of information. The opportunities are there for businesses that, if utilized correctly, can be the impetus for sustained economic growth. Realizing this, social media companies have continued to enhance their technologies, but they still have a long way to go before the full impact of social media on business is realized.