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Just as the automobile radically changed people's lives at the beginning of the 20th century, so too has the revolution in online services (including blogging, podcasting, videogaming, shopping, and social networking) and cell-phone use changed our lives at the turn of the 21st century. In addition, many other services, activities, and devices--including the Palm Pilot, the BlackBerry, the iPod, digital cameras, and cell cameras--have been made possible by the combination of these two technologies. Whereas the automobile allowed people for the first time to work in cities and live...

When the Internet became mainstream in the early 2000s, everything changed. Now that social media is fully entrenched in daily life, contemporary society has shifted again in how we communicate, behave as consumers, seek out and enjoy entertainment, and express ourselves. Every one of the new applications of social media presents us with a new way of thinking about the economy that supports technological development and communication content and offers new models that challenge us to think about the economic impact of communication in the 21st century.

"The Social Media Revolution"...