A recent report has shown that Facebook has added in excess of $227 billion to the global economy. Additionally, they have helped in the creation of millions of jobs around the world as well. This means that they are more than just a way to bring people together socially, but that they actually have a hugely important role to play in the welfare of all citizens.
Indeed, browsing seems to have paid off at last. The report itself was commissioned by Facebook, but it was completed by an independent company. They report came from Deloitte and is called Facebook’s Global Economic Impact.
Facebook has commissioned Deloitte to estimate the economic impact it enabled in 2014 around the world. We analysed the contribution Facebook supports as a catalyst for economic activity in ecosystems composed of marketers, app developers, and providers of connectivity.
Deloitte’s report indicated that some 4.5 million jobs have been created globally as a direct result of Facebook’s existence. These come from three different sources. Firstly, there are those who have been able to take advantage from the tremendous growth in marketing on the Facebook website itself. Secondly, there are the app developers who have been enabled to use Facebook as a platform. Finally, there is the fact that people can connect to each other, which is the primary goal of the social networking website that in turn has allowed for growth and job creation. Indeed, it therefore seems that Facebook has been a true driver for global economic activity.
The largest amount of growth was a direct result of marketing efforts. Indeed, some $148 billion was generated through this. Some $29 billion was created by the developer platform itself, and a further $50 billion was generated due to the connectivity options between this and other online providers. None of these $227 billion has actually gone to Facebook itself. Indeed, if their own revenues were to be included, the amount would be much higher.
The majority of the revenue was generated in this country. According to the Deloitte report, some $100 billion was produced in the US. A huge impact was also noticed in East Asia, Central America and South America. Additionally, some $11 billion went to the United Kingdom, where some 154,000 jobs were also created through it.
The growth of the social media giant has helped to create jobs directly. Additionally, it has led to an increase in the demand for internet-enabled devices, including mobile phones. As such, it has been the cause of tremendous growth in various other industries and areas of work, again leading to more revenue and job creation.
Sheryl Sandberg, the Chief Operating Officer for Facebook, was incredibly keen to comment on these positive factors as highlighted by the report.
Across the world there is a greater urgency about creating job. The good news is that the tech industry is powering the economy and creating jobs within and beyond its own campuses. Every day, businesses of all sizes, sectors, and skill sets are using the Facebook platform to grow and expand.
Additionally, Facebook executives were keen to point out that they have also been pivotal in helping to raise money for more philanthropic causes. For instance, the role they were able to play in the Ice Bucket Challenge, which involved people having buckets of ice cold water poured over them while making donations to amyotrophic lateral sclerosis charities, went viral within just a few days. This raised a tremendous amount of money for a charities supporting people with a much unknown illness. Even celebrities got involved in this, raising further awareness – and much needed funds.