The effect on the economy because of social media and online gaming.

Social media has a huge impact on economy. According to (http://www.web-strategist.com/blog/2013/03/18/social-networks-by-revenue-and-employees-facebook-stands-above-all/) Facebook made $5,089,000,000 in 2012 alone. twitter made $350,000,000 and LinkedIn made $972,309,000. There are many jobs that were created because of social media. according to (http://www.socialmediatoday.com/content/5-jobs-created-social-media) Blogger, App Developer, Web Designer, Security specialist and Digital Marketer are the jobs that were created because of social media. according to Time "a research firm Deloitte suggested that Facebook had an economic impact on Europe of $20.2 billion supporting 232,000 jobs."(http://business.time.com/2012/01/31/facebook-is-responsible-for-creating-450000-jobs-really/). The statement alone supports the fact that social media is an important part of the economy. The above numbers are just for Facebook not for social media in general which is much higher that the number you see in the above statement. The number of people employed by this industry is huge and the amount injected by Facebook alone to the US economy is somewhere close to $15.71 billion(http://business.time.com/2012/01/31/facebook-is-responsible-for-creating-450000-jobs-really/). 

Social media also act as a platform to make trade and distribution hence helping other companies to work too in a better way. Almost every business is trying to boost up their revenue by doing advertising and marketing on social media. Hence we can say that social media helps to the economy not by just producing jobs and revenue but also by helping other industries by doing proper advertising and marketing. Today almost every business has a Facebook page, a handle on twitter and even a Instagram profile giving details about their business and services provided by them. Hence helping the business attain more revenue which builds up the economy of the country in general.
There has been a very steady growth in the companies  that are a part of the social media industry. For example Facebook didn't suffer in recession which was a part of the social media industry while other industries suffered a lot such as Chrysler which went bankrupt during recession (http://en.wikipedia.org/wiki/Effects_of_the_2008%E2%80%9310_automotive_industry_crisis_on_the_United_States). Moreover Social media had created the world's youngest billionaire Mark Zuckerberg whose net worth is $33.3 billion. Moreover we can that social media is a new industry which came into existence after 2000 and will definitely grow in future. Eduardo Saverin (Facebook), Sean Parker (Facebook), Dustin Moskovitz (Facebook), Peter Theil (PayPal),  Yuri Milner (Facebook, Groupon, Zynga), Mark Pincus (Zynga), Eric Lefkofsky (Groupon), Yoshikazu Tanaka (Gree), Rupert Murdich (Myspace) is a list of top ten billionaires which came into existence because of social media. In my own words Social Media is a gold mine which provides stable and lavish income to the the country's revenue and to their owner's as well. According to my own thinking today the world's economy would'nt have been safe if social media companies would'nt have been there.

Auquib Rasul














References
-http://www.web-strategist.com/blog/2013/03/18/social-networks-by-revenue-and-employees-facebook-stands-above-all/
-http://www.socialmediatoday.com/content/5-jobs-created-social-media
-http://www.creativeclass.com/_v3/creative_class/_wordpress/wp-content/uploads/2010/10/SocialPros.jpg
-http://www.forbes.com/2011/03/08/billionaires-social-networking_slide_4.html
-http://www.forbes.com/2011/03/08/billionaires-social-networking_slide.html