Facebook user share high‐def videos captured on their mobile phones, post links to stream music, or view high‐resolution photos. And to access this content, they’re buying faster connections and bulkier data allowances. In parallel, advances such as faster processing power and more realistic graphics, accelerate a cycle of innovation that developers leverage to create Facebook apps. “The innovation loop motivates people to purchase new, more powerful mobile devices and higher data consumption, says Deloitte in Facebook’s Global Economic Impact, its boosterish report on Facebook.
But this isn’t all directly to the benefit of the Social Network. “Facebook‐enabled economic impact of connectivity estimated in this study is captured by Internet plan providers and local retailers of devices,” says Deloitte. “As Facebook does not sell either of these products or services, the effects are accrued entirely by the members of its ecosystem.”
What is the economic effect? It’s estimated that the connectivity effects of Facebook in 2014 had $50 billion-worth of impact and created 1.6 million jobs globally. Most of this benefit accumulates in developing economies, of course. But the report says Facebook uptake in developing countries such as India or Vietnam is driven by feature phones that offer a streamlined interface, optimised for the slower speeds, and Facebook‐specific data packages.
Yes, it's a Facebook world. We only live in it.