The Changing Face of Media Ownership?

The 'dominant media' (Steven, 2003) have long controlled the output and distribution of the majority of the world's media content. These transnational media conglomerates, such as NewsCorp and Disney, have built empires that transcend the borders of nation-states. However, as the world shifts towards the digital age, does the rapid expansion in social media dictate a new platform for media ownership? Could the social media empires in Facebook and Twitter replace the traditional media conglomerates in the not so distant future?

Facebook, with over 900 million users, is slowly consolidating an online media empire through its acquisitions of rival social media outlets. Recently, Facebook acquired photo-sharing website Instagram for $1 Billion, indicating a willingness to absorb competing social media platforms. Similarly, Twitter purchased social aggregator Summify, complimenting its news based information feeds and removing a competing microblogging service. While this acquisition was not as significant as the Instagram purchase, it highlighted how these social media platforms are willing to consolidate their 'empires'.

Realistically, in terms of being all-conquering media conglomerates, Social Networks have a long way to go to achieve the power and size of their traditional rivals. However, as print media declines and if the 'social media evolution' (Cascio, 2009) continues, then these digital conglomerates could well achieve the power and influence of their traditional rivals.
Out with the old in with the new? Zuckerberg the new Murdoch? We'll have to wait and see...

References

Cascio, E 2009, 'The Evolution of Social Networking: Are You Ready?', Internet Telephony, Computers & Applied Sciences Complete, EBSCOhost, viewed 5 August 2012

Steven, P 2003, ‘Political economy: the howling, brawling, global market place’, The no-nonsense guide to the global media, New Internationalist, Oxford, pp. 37–59

http://www.telegraph.co.uk/technology/facebook/9195460/Facebook-buys-Instagram-a-desperate-attempt-to-stay-cool.html

http://mashable.com/2012/04/23/facebook-now-has-901-million-users/

http://mashable.com/2012/01/19/twitter-acquires-summif/

http://www.nytimes.com/2007/11/13/opinion/13martin.html?_r=1