Summary:
As of last week, Facebook has lost billions of dollars off its market value due to a large user data scandal. Not only they have lost market value, but the support and trust of many around the world. This includes Elon Musk. When many people within his company tweeted at him to delete his Facebook pages he responded with a "What's Facebook?" Shortly after, Elon Musk removed the official Facebook pages of SpaceX and Tesla; the pages had 2.5 million followers combined.
Analysis:
Even though this seems like a big deal now with people like Elon Musk retracting support, I believe that Facebook will recover from this fall. This is due to the fact that we have no alternative. Lets look at other social media platforms: Instagram is owned by Facebook, Twitter can not compare to the amount of users, Snapchat is basically a dead company now, WeChat is only prevalent in Asia. If this happened to some small company, their company would most likely die, but since there is no social media that can compete with Facebook, the user base will probably not change much in the long term.
Questions:
- What do you think the main effect of people pulling down pages off Facebook will be?
- Can you see other big company owners pulling their pages off Facebook (keep in mind they probably lose a lot of advertisement)?
- Do you think that Facebook can recover from this mess?
7 comments:
Given that Facebook serves as a substitute, I think the main effect of people pulling down pages off Facebook will be going to other forms of social media like Twitter or instagram. When people use Facebook, they volunteer large amounts of information. Whatever users have volunteered to Facebook or interacted with on Facebook becomes part of a profile that can be accessed by developers and targeted by advertisers which is like any other form of social media. I think the advertisement aspect will probably keep most big company owners as users because they generate revenue on big social platforms like Facebook. I think Mark Zuckerberg is a wizard and will probably finesse himself out of this mess and Facebook will be all good in the long run.
Unless there is a mass exodus of content from Facebook, I think it is likely to recover. Even though Twitter and Instagram are substitutes, Facebook occupies a unique niche. The users of Twitter, Instagram, and Snapchat are usually younger (under 30) while Facebook is used by a huge variety of ages. I think that in the long term, Facebook will retain its users and continue as normal just since of the huge number of users that still have accounts on the social network.
What do you think the main effect of people pulling down pages off Facebook will be?
-the amin effect would be just a small amount of money lost compared to the revenue that facebook makes.Other than that,facebook will continue to function as they have been
Can you see other big company owners pulling their pages off Facebook (keep in mind they probably lose a lot of advertisement)?
Do you think that Facebook can recover from this mess?
I think it's likely that Facebook will be able to recover from this scandal. For many people, Facebook is a great way to connect with distant friends and relatives, and the community in general. Despite the backlash from the #deletefacebook hashtag, the app is still in the top charts for both the Android and iOS app stores. Even though there will be some people that decide to stop using Facebook, there are over 2.2 billion users on the social media website, so a loss of a couple million will have little effect on the company overall.
Facebook will most definitely be able to recover from this scandal because people are always resilient and are also very addicted to social media. Despite the pages that were taken down from Facebook, companies that use it for advertisements will most likely keep their page. There are still plenty of people that have Facebook as their go-to social media platform and these companies can still use this as a way to promote their own company and increase their economic prosperity. And because those companies are using Facebook, Facebook will still be in business. Ultimately, this scandal won't hurt Facebook in the long run because people rely too heavily on it and are probably resistant to change in what social media platforms they are most comfortable with.
I think people are deleting their Facebook accounts so that they aren't affiliated with them because they are going through a scandal right now. It just gives off the image that Space X and Tesla don't support Facebook and are aware of what's happening with Facebook. I do think other big companies will leave FaceBook, however in my opinion I think that Facebook will recover from this scandal. They are way too big of a monopoly to be taken down by one single scandal. It's also likely that Facebook isn't the only company that has sold private information to date companies.
I think Tesla and SpaceX are some of the very few companies that will not be very negatively impacted by taking down their webpage. Other companies do not have the name power that they can make that move. I believe that Facebook will rebound from this, because it is a huge corporation with a very large reach. Most people know that companies like these track information, but may be shocked by this news, though temporarily.
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