Member Article

Facebook brings 2.6bn Euros to UK economy

Social media is making a bigger impact on business than previously imagined - with Facebook alone bringing 2.6 billion Euros to the UK economy.

According to new research by Deloitte, the social network supported over 35,200 UK jobs in 2011.

The report, entitled ‘Measuring Facebook’s economic impact in Europe breaks down Facebook’s economic impact in Europe’ also breaks down across France, Germany, Spain and Italy.

It measures Facebook’s economic impact through a number of mechanisms, including its its day-to-day activities within Europe, and its resulting value from third parties as a result of the Facebook ecosystem.

Across Europe, Facebook has enabled an economy of 15.3 billion Euros, and supports 232,000 jobs.

Chris Williams, Deloitte Economic Consulting partner said: “Facebook embodies a new generation of social media organisations that have significant global impact and create economic value through enabling ecosystems of businesses to flourish.

“Traditional narrow measures of economic impact are limited and it is critical to consider the broader impact of Facebook in allowing other parties to create value across the economy.”

The study also highlights the value of social media for small and medium businesses, which play an integral part in the economy on the UK and Europe.

Facebook’s Chief Operating Officer Sheryl Sandberg said: “Today’s report shows that Facebook is about a lot more than sharing pictures or keeping up with friends; increasingly social media means growth and jobs.

The impact of social media is a bright spot in challenging times, but growth won’t happen on its own. We need to make sure that we invest in the right education, training, technology and networks so that social media can continue to drive innovation and economic growth.“

This was posted in Bdaily's Members' News section by Ruth Mitchell .