The New Capitalism of Social Media
We are in a time in which we are constantly bombarded by social media. Blogs, vlogs, tweets, Instagram posts, news site notifications, snapchats, and a veritable onslaught of other forms of social media are constant parts of daily life for the “internet generation” of millennials. Entrepreneurs around the world have chosen to capitalize on this, some finding huge success, fame, and fortune. Internet stars such as Swedish “YouTuber” Felix Arvid Ulf Kjellberg, who made millions by posting videos of himself playing and reviewing videos games, have established full time careers through the internet. How did this booming and unique industry develop, and who is really profiting? This industry has impacted marketing and the development of new and more globalized outreach for products, and fortunes have been amassed by taking advantage of this new market.
One standout internet entrepreneur in this industry is British lifestyle and beauty blogger Zoe Sugg, often known by her online username Zoella, has accrued an enormous online following of nine million YouTube subscribers, 3.5 million Instagram followers, and over 3 million Twitter followers. Her YouTube channel has attracted more than 540 million visitors as of September, 2015. Her blog was first published as a mechanism for dealing with stress and anxiety, and has evolved into a multimillion dollar enterprise. Zoe currently has had two very successful books published, a beauty line produced, been a guest on national and international television programs, and been featured in countless articles both in print and online. She is a prime example of how the internet has created a new kind of fame and the next generation of wealth.
We are in a time in which we are constantly bombarded by social media. Blogs, vlogs, tweets, Instagram posts, news site notifications, snapchats, and a veritable onslaught of other forms of social media are constant parts of daily life for the “internet generation” of millennials. Entrepreneurs around the world have chosen to capitalize on this, some finding huge success, fame, and fortune. Internet stars such as Swedish “YouTuber” Felix Arvid Ulf Kjellberg, who made millions by posting videos of himself playing and reviewing videos games, have established full time careers through the internet. How did this booming and unique industry develop, and who is really profiting? This industry has impacted marketing and the development of new and more globalized outreach for products, and fortunes have been amassed by taking advantage of this new market.
One standout internet entrepreneur in this industry is British lifestyle and beauty blogger Zoe Sugg, often known by her online username Zoella, has accrued an enormous online following of nine million YouTube subscribers, 3.5 million Instagram followers, and over 3 million Twitter followers. Her YouTube channel has attracted more than 540 million visitors as of September, 2015. Her blog was first published as a mechanism for dealing with stress and anxiety, and has evolved into a multimillion dollar enterprise. Zoe currently has had two very successful books published, a beauty line produced, been a guest on national and international television programs, and been featured in countless articles both in print and online. She is a prime example of how the internet has created a new kind of fame and the next generation of wealth.
Another YouTube star who has utilized her wide audience to market a product is Tanya Burr. Like Zoe, Tanya also started her career on the internet through a personal blog, which expanded to a professional blog, a YouTube account, and several social media accounts to allow her followers around the world to keep up with her life. In 2014, she released a cosmetics line, starting with nail polishes and lipstick, which has been expanding ever since, meeting great success. She has since expanded her line to include eye products, and released a book on blogging, fashion, and lifestyle.
Internet marketing has evolved alongside social media, allowing posters to target specific audiences, and tailor their content to their typical viewer. Internet demographics have become widely available, making creators able to produce and sell content to very specific audiences. For example, YouTube posters of videos about Xbox game know that more than 94% of their viewers are young men. Therefore, videos tend to use casual language, engage viewers using first person games, and keep graphics colorful, simple, and attention grabbing. Conversely, creators of makeup and cosmetic content, of which more than 89% of viewership is comprised of women, tend to film videos in simple yet aesthetically pleasing environments, set videos to music, and include links to stores and products in video descriptions. Demographics like these allow people hoping to attain success in the internet industry to pinpoint their audience, or the audience they hope to appeal to, and change their content to further entice that group.
Internet marketing has evolved alongside social media, allowing posters to target specific audiences, and tailor their content to their typical viewer. Internet demographics have become widely available, making creators able to produce and sell content to very specific audiences. For example, YouTube posters of videos about Xbox game know that more than 94% of their viewers are young men. Therefore, videos tend to use casual language, engage viewers using first person games, and keep graphics colorful, simple, and attention grabbing. Conversely, creators of makeup and cosmetic content, of which more than 89% of viewership is comprised of women, tend to film videos in simple yet aesthetically pleasing environments, set videos to music, and include links to stores and products in video descriptions. Demographics like these allow people hoping to attain success in the internet industry to pinpoint their audience, or the audience they hope to appeal to, and change their content to further entice that group.
The combination of the widespread availability of demographics and essentially unfettered access to client information has vastly changed the world of marketing. Internet browsers save search histories, particularly those related to online commerce. This information is sold back to online stores and to advertising and marketing firms so they can learn more about their present and potential client base. This information has also allowed advertisements to be tailored to the individual with specificity not seen before. Advertisements are placed on websites depending on previous server history and related content to that history, hoping to draw buyers in with images of items they have viewed or bought before. Creators of content with large followings online are also used by marketing firms or online stores to find clients and sell merchandise. For example, beauty bloggers such as Zoella, mentioned above, will often be sent merchandise in the category that they post about, such as makeup or clothing, for free. Companies do this in the hopes that their content will be featured on these popular blogs. Companies can also “sponsor” blog posts, paying bloggers to speak about their product in a positive light. These tactics help bring a product or company to the attention of a specific group of potential buyers.
Social media platforms such YouTube, Facebook, Instagram, Tumblr, and other blogging and picture or video sharing sites can also serve as a foundation for business endeavors. Potential vendors can build up a client base for free and promote their product without the cost of advertisements. Content posters build up strong followings, and these followers not only buy products themselves, but provide another source of free advertising. Every “share” on Facebook, “retweet” on Twitter or “reblog” on Tumblr creates visibility and name recognition for internet entrepreneurs, directing others towards their sites, and later towards their online merchandise.
Another aspect of marketing and entrepreneurship that has been changed by the internet is music. Breaking into the music industry is difficult. But with the advent of the online music community, it is becoming more widely accessible and far less exclusive. Before the late 1990’s it took money and connections to even have a change of getting your music heard by someone in a position to help move your career forward. Now all it takes it a camera and a connection to the internet. Music producers, venues, talent search competitions, and music libraries have all turned to the internet for fresh talent, as well as a platform to post new media and garner new support for existing musicians. Some of the most successful musicians of today found their first fans and their beginnings in the music industry on YouTube, such as Justin Bieber and Cody Simpson.
The rise and exponential increase in the popularity of the internet has changed the status of wealth in today’s society. The free market has been immeasurably changed by the advent of the internet. Hundreds of internet entrepreneurs with a penchant for relating to strangers across the planet have been able to gather huge following of fans and vast sums of money, simply by filming videos or writing articles about their life on a day to day basis. These massive followings become consumers, enabling those without experience marketing items to be hugely successful, if they reach a wide enough audience. It has allowed for specific advertisement by marketing agencies and companies, content created for specific target audiences, and fortunes to be found in the new free market.
Social media platforms such YouTube, Facebook, Instagram, Tumblr, and other blogging and picture or video sharing sites can also serve as a foundation for business endeavors. Potential vendors can build up a client base for free and promote their product without the cost of advertisements. Content posters build up strong followings, and these followers not only buy products themselves, but provide another source of free advertising. Every “share” on Facebook, “retweet” on Twitter or “reblog” on Tumblr creates visibility and name recognition for internet entrepreneurs, directing others towards their sites, and later towards their online merchandise.
Another aspect of marketing and entrepreneurship that has been changed by the internet is music. Breaking into the music industry is difficult. But with the advent of the online music community, it is becoming more widely accessible and far less exclusive. Before the late 1990’s it took money and connections to even have a change of getting your music heard by someone in a position to help move your career forward. Now all it takes it a camera and a connection to the internet. Music producers, venues, talent search competitions, and music libraries have all turned to the internet for fresh talent, as well as a platform to post new media and garner new support for existing musicians. Some of the most successful musicians of today found their first fans and their beginnings in the music industry on YouTube, such as Justin Bieber and Cody Simpson.
The rise and exponential increase in the popularity of the internet has changed the status of wealth in today’s society. The free market has been immeasurably changed by the advent of the internet. Hundreds of internet entrepreneurs with a penchant for relating to strangers across the planet have been able to gather huge following of fans and vast sums of money, simply by filming videos or writing articles about their life on a day to day basis. These massive followings become consumers, enabling those without experience marketing items to be hugely successful, if they reach a wide enough audience. It has allowed for specific advertisement by marketing agencies and companies, content created for specific target audiences, and fortunes to be found in the new free market.