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The Social Media Industry: Where Is It Heading?, Yanli Zhang, Huy Will Nguyen, Young Hoon Jung, Isabelle Yi Ren
The Social Media Industry: Where Is It Heading?, Yanli Zhang, Huy Will Nguyen, Young Hoon Jung, Isabelle Yi Ren
Department of Management Faculty Scholarship and Creative Works
The social media industry has entered a new stage with intensifying competition and heightened uncertainty about future directions. The purpose of this paper is to provide analyses of the current challenges and to identify industry-wide trends that may offer a roadmap for the future. This study identified five major trends in the current social media industry: 1) content is king, and that content is moving to visual; 2) artificial intelligence is key to competitive advantage; 3) network effects still matter, but business model innovation can overcome that barrier; 4) the need to broaden revenue sources; and 5) the strive for …