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The future of social media is extremely bright, taking internet users to a point where social sites “cease to become a place on the internet and start becoming the internet itself”.

That’s one of the key conclusions from an authoritative report on the social media industry, “End of the beginning for social media”, published this week by social media agency Yomego.

The report suggests that the sheer momentum behind social media is unlikely to slow down anytime soon. It also points to the convergence of a number of critical factors creating a pivotal moment for the online phenomenon.

According to Steve Richards, managing director of social media agency Yomego, the end of the beginning is nigh – and more importantly the future of social media is starting to take shape.

In the report, he explains:

“We have mass adoption, ubiquitous technology and considerable investment into social sites. These key factors, which are now all converging, will force the changes that will see the last barriers knocked down and the final challenges overcome: cross-compatibility, and profitable business models.

“These trends will lead us to a point, where social sites cease to become a place on the internet and start becoming the internet itself.”

The report explores how social media has developed over the past few years, charting the critical factors that have now created an industry valued at over $70bn – three times the size of brewing giants Anheuser Busch and ten times the size of Sun Microsystems.

It goes on to predict that that the industry will evolve into something even more pervasive than anyone could have imagined five years ago and how its popularity and its technology will affect marketing budgets over the next 24 months.

He summarises:

“More and more conventional websites are now incorporating social aspects such as user- generated content or social bookmarking. It is not a huge leap from here to the point where the entire internet is based around social sites and functionality.

“In this new world, niche social networks will proliferate, brands will ‘do’ rather than simply ‘say’ and the internet will be defined by your preferences.

“As these social spaces become our gateways to more and more content and interaction, a traditional approach to online brand advertising no longer applies.

“Banners are out. In come advertorial-style content, branded apps and brand-led community sites.

“Furthermore, brands will need to embrace new technology in tailoring their message to the right audience. If they get it right, the benefits in terms of brand engagement and mass advocacy are mouth-watering.

“Platforms such as Google Wave and Netvibes are already giving us a glimpse of a future where users choose what information and data they want; a world where users filter data before it’s delivered to them, and customize the way it’s presented when it reaches them.

“The next phase of the social media revolution offers huge potential for brands who get their strategy right, as well as pitfalls for those who fail to adapt. For end users, the good can only get better.”

The full report can be read online www.yomego.com/end-of-the-beginning.html

Tags: new media, social, yomego