As social media giant Facebook turns 10 years old, professional services provider KPMG argues that we are only just seeing the beginning of the social network ‘revolution.’
Head of Information Protection for the company, Malcolm Marshall, explained the ways he believes the industry will change in a think piece he published today.
His predictions follow the news that last year Facebook earned $7.9bn by marketing the data of its 1.2bn active users, a massive sum that only equates to about $6.50 per user.
For Marshall, the key question is, “How can we help users get more from their social media and really grow the market?”
He added, “For me the market is only just beginning to mature.”
Such a “maturing market” will see data generated online increasingly used to earn revenue by a number of companies and organisations, he believes.
Marshall describes this information as “a goldmine for commerce” - but also notes it is “a wonderful opportunity for organised crime.”
He also believes this will lead to government attempts to regulate social media and growing privacy concerns among its users.
Finally, KPMG expects users to become more aware of how valuable their information is and a debate about their rights over their data.
He said: “Privacy is ultimately a personal choice, but [one] that needs to be an educated choice, with more transparency about the trade social media platforms offer users between their privacy and the marketing or provision of tailored services.”