Facebook went down on Wednesday, 13th March, which means all of its apps including Instagram & WhatsApp went down as well. The Facebook group constitutes a majority of social media today & any blips in its functionality are felt across industries. In addition to consumers suffering lack of connectivity, the myriad of big and small businesses running on the platform suffer as well. Companies lost thousands of dollars in revenue because their sponsored ads did not see the desired engagement. This has a long term ripple effect as engagement declines over a period of time, hence reducing revenue on commercial content as well.
In this day and age it is worth taking stock of the indispensable role social media plays in the economy.