Social media is a broad term for networked, scalable social interactions done through online software. The “media” in social media could include words, sounds, pictures and videos.
Social media is a popular phenomenon Some forms that social media take include social bookmarking, wikis, news, blogging and micro-blogging, multi-player games, networking, file sharing, etc. In short, the definition is vast. Anything that can be done and is done with social interaction can fall under social media. Popular examples of social media in the US include Facebook, Twitter, and YouTube.
For businesses, social media represents both a huge market niche and marketing opportunity. More and more social media sites cropping up every day. Legions of businesses are flocking to popular social media sites to pay for advertising. In the end, the everyday internet user comes out on top since more and more services become available at a reduced cost. Companies usually end up shouldering the costs of maintaining such huge sites. This model, however, could change over time.