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Facebook claims to add billions to world economy

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Facebook claims to add billions to world economy

A new study is reporting that the social media giant Facebook contributes a vast amount to the globe’s economy, although some have questioned the figures.

According to a paper that was produced by Deloitte & Touche, a consulting agency that was commissioned by Facebook for the study, the economic impact from its 1.35 billion users numbers in the billions of dollars.

The report claims that the social network, which itself made $12bn (£7.9bn) in revenues last year, adds $227bn (£150bn) into local economies across the world, with around 4.5 million jobs being directly or indirectly sustained through its use in 2014.

To calculate the economic activity, the researchers reportedly looked at the companies that maintain a presence on Facebook, as well as the various apps, promotional posts, and games that are played through its service. The paper also looked at the various gadgets and services, such as news content providers, that Facebook’s use had led to a need for.

According to graphics released with the study, North America apparently saw the most economic impact at $104bn (£68.7bn), whereas the EMEA (Europe, Middle East, and Africa) witnessed the most job creation, with 1.5 million roles being sustained.

However, independent analysts have reportedly questioned the assumptions made by Deloitte & Touche, such as its attributing of worth to each ‘Like’ and its claim that the social firm was responsible for around a sixth of smartphone sales.

An economist as Stanford University, Roger Noll, told the Wall Street Journal in an email that the results were “meaningless”, with Facebook being an effect, rather than a cause, of the Internet’s increased use around the world.

Tom Evans
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