The report, “Connecting Benefits”, explores some of the economic and social benefits of using Facebook from the perspective of small and medium sized businesses (SMBs) in Australia and local communities.
Advances in technology lie at the core of the innovation boom. However, it is a technology that has been a part of our lives for close to twenty years - online social networks - that are encouraging Australians to follow their passions in business and in the community.
The internet reflects, accelerates and amplifies both the good and bad in society. While it is often the negative that draws public attention, the positives generated by online platforms can, at times, be overlooked.
Online platforms such as Facebook connect people with friends, families, governments, not-for-profits and organisations of all sizes. These platforms have evolved into something far more than a place to share photos and updates. The platforms of today allow users, both individuals and businesses, to share live content, accept payments, sell products and communicate instantly.
Calculating a single measure of the economic and social impact of Facebook is not simple due to the breath of interactions on the platform. Whilst the economic impacts may be measured in dollar figures, the social impacts tend to be measured in activity. Ultimately, the community’s benefit from social networking is derived from both commercial and non-commercial activities, therefore the framework below was developed to help quantify some of the key interactions. This does not represent the complete range of social and economic benefits that could be attributed to Facebook, but rather focuses on the matters considered in the report.