As Facebook celebrates its 10th birthday, KPMG’s head of Information Protection & Business Resilience argues that we have only just seen the start of the social media revolution.
Malcolm Marshall says: “In the last 10 years Facebook has grown to 1.2 billion active users, with a revenue of $7.9 Bn in 2013. Big numbers, but also just $6.50 of revenue for each active user. So the question for me is: how can we help users get more from their social media and really grow the market?”
“For me the market is only just beginning to mature. As it grows we can expect users to become far more savvy about the value of their information, and the return they demand from offering a window into their lives and hopes. Privacy is ultimately a personal choice, but 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. Society will debate people’s rights over their data, and rightly demand market models which allow users to share in the value generated from that data. All of this must be founded on trust between users and social media providers.”
“We can also expect governments to attempt regulation of social media, whether to protect the vulnerable in society, or in some cases to succumb to the temptation to limit free speech. Social media is not beyond law, albeit that jurisdiction is tricky to determine, and we can expect more cases around defamation and even debates on just who owns the rights to your social media presence after death. Governments will start to concern themselves more with the functioning of the market, challenging monopolies and anti-competitive behaviours. All of this comes with a maturing market, but I am under no illusion how difficult this will be in such a rapidly changing environment.”
“More and more personal data will be traded, not just photographs and postings, but every aspect of lives from our every movement to the always on video from our personal webcam. Our devices will be on-line reporting on the food we eat, the electricity we use, and even how we drive our car. We can expect innovative models for exploiting that data, but equally growing concerns over misuse and abuse of that data. While that data is a goldmine for commerce, it is also a wonderful opportunity for organised crime and, as Edward Snowden’s disclosures have shown, for intelligence services.”
Mike Petrook, KPMG Press Office
020 7311 5271 (t), 07917 384 576 (m) or email@example.com
Notes to Editors:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.