The impact of Twitter in the social media-scape is beyond dispute, but is it a victim of its own success, which could jeopardise its future?
Without a doubt, the impact of social media, such Facebook, Twitter, Instagram and YouTube, to disseminate information, and to nurture a collective consciousness, cannot be underestimated. We have not only heard about or experienced viral content, we have also witnessed social media being used to galvanise action, such as during the Arab Spring in 2010, the London riots in 2011, and even during the Obama campaign in the run-up to the 2012 United States (US) elections.
Although all social platforms have their place, with respect to emphasis and types of followers, by far, the most effective medium to disseminate information, nurture a collective consciousness, and galvanise people to action, appears to be Twitter. As noted in one of our earlier articles, Twitter is not the largest social network – Facebook is – but seems to have considerable impact in shaping what is considered newsworthy.
It is also instructive to note, and according to the Pew Research Center, that Twitter use is highest among millennials (18–29 years old) who are Internet users, at 32%, with the 30–49 years age group being a close second (29% of Internet users). Further, in a separate survey, over 80% of respondents indicated that they accessed Twitter to keep updated on news (Source: American Press Institute). As a result, has and continues have in indelible impact on our lives and how you see the world.
Could there be too much of a good thing?
As expected, those qualities, among others, made Twitter a crucial channel during the recently concluded US presidential election. As most of us would be aware, it was used to great effect by Donald Trump, who won the election. It was not only a means through which he energised his longstanding supporters and attracted new ones, it also allowed him to speak directly, and seemingly in a personal and intimate way, to his followers, and by extension Twitterscape. Further, Trump’s success in the election is even more remarkable, since he had raised considerably less money than his main opponent, and would have been outspent in almost every other media channel.
Having said this, all is not as it seemed: Twitter can be manipulated. A number of news reports have alleged the use of fake Twitter accounts, also called bots or robots, especially by the Trump campaign machinery. Many of the bots were modelled as grassroot supporters, who would amplify support for Trump, through their tweets or retweets, and eviscerate his opponents.This gaming of Twitter – through bots liking, tweeting and retweeting posts, gave Trump’s messaging considerable visibility among the electorate, which no doubt, contributed to election results.
So much impact, but still a tenuous existence
It is thus somewhat ironic that although Twitter has transformed media, as a company, it is still struggling. It is yet to turn a profit in the 10 years since it was launched, and the three years since it floated shares on the New York Stock Exchange.
Having said this, several firms, including Google, Salesforce and Disney, have expressed an interest in acquiring Twitter (Source: The Telegraph). However, whilst the Twitter’s management might be trying to hold out for the best possible offer, reportedly, prospective buyers are also concerned about the extent Twitter can be gamed by bots, and also the inflated subscriber base that can be attributed to these fake accounts.
As a result, in spite as of its impact, Twitter’s future remains tenuous since it has yet to develop a profitable and self-sustaining business model. As a result, and according to CIO magazine, the firm could be out of business within the next few years:
Twitter’s effect on the 2016 presidential election cycle will have lasting reverberations. Yet the company could potential be out of business by the time Americans head to the polls in 2020.
The current election also reinforces the idea that Twitter is becoming less of a social network and more of a news-making medium with a social bent.. Twitter’s future is uncertain, but the format it introduced will have a lasting impact on politics…
Image credit: Annabelle Shemer (flickr)
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Yes Twitter is a ‘curly thrown ball’. Its presence in social media is a household name but, as pointed out and as I commented in a related previous post, there is no business underneath the medium.
I strongly do not think it will disappear soon, probably not even later. It is likely to be taken over by one of the big guys; with a view to propping it up probably as a ‘fringe vertical’ whose sole purpose is to expose customers/users to the core business of the prospective buyer.