How did Facebook impact the global economy in 2014? To the tune of $227 billion and 4.5 million jobs, according to a new report (embedded below) by Deloitte, which was commissioned by the social network.
The report, “Facebook’s Global Economic Impact,” examined how the social network stimulates global economic impact by:
- Providing tools for marketers.
- Providing a platform for application developers.
- Creating demand for connectivity to the Internet.
When examining Facebook’s impact by region, Deloitte found that:
- The U.S., at $100 billion, is expected to capture the largest share of economic impact.
- High rates of engagement enabled $21 billion of economic impact in Central America and South America.
- The thriving app economy in Europe, the Middle East and Africa has generated $13 billion in economic impact for the region.
- Facebook contributed $13 billion in economic impact in the Asia-Pacific region due to demand for Facebook-motivated data usage and device purchases.
And in a more detailed look at how Facebook facilitates economic activity. Deloitte said the social network:
- Allows new and traditional businesses worldwide to reach potential customers locally, nationally and globally.
- Reduces barriers to marketing by allowing businesses of all sizes to raise awareness of their brands and find the most likely people to be interested in their products and services.
- Supports entrepreneurship by giving business a way to promote their activities.
- Enables new ecosystems that stimulate the economy and generate jobs, such as the app economy.
- Increases demand for mobile devices and Internet services that carry positive spill-overs to other parts of the economy.
Across the world, there is a greater urgency about creating jobs. The good news is that the tech industry is powering the economy and creating jobs within and beyond its own campuses. Every day, businesses of all sizes, sectors and skill sets are using the Facebook platform to grow and expand.
Deloitte global managing director of technology, media and telecommunications Jolyon Barker added:
Our study finds that Facebook enables significant global economic activity by helping to unlock new opportunities through connecting people and businesses, lowering barriers to marketing and stimulating innovation.