The news about the importance of social media seems unavoidable. Now that Facebook is trying to increase its value through an IPO, it may indeed increase the R&D revenue and provide more services, however the content, the knowledge "created" (even though it may be a post of a plush toy and delicious chocolate cake) is the property of the users.
Although you could make the same argument about applied sciences where an inventor would make millions from a patented and marketed idea where the majority of the work belongs to thousands who made contributions to develop the materials, mechanisms etc.
As for the web boom of ad based revenue, it is hard to believe that people actually make revenue from web-based ads. I cannot think of a single person that doesn't use Adblock Plus. Then again, it is maybe just be - actually no, the number of Facebook "refusniks" ( I feel that the term is unjustly misappropriated : from being a movement of social justice from Israel against occupation of Palestine, we use the term to describe people to have better things to do than go online and attempt to socialize.)
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