Social Media

Over the past decade or so, social media has grown into a billion dollar industry. Incorporating everyone with internet access, a phone, and a need to share personal information. There were no clear signs of how social media was going to take off at first because it was such a new idea. Now that we’ve grown with it we can analyze its effects, how companies use it to track data and target ads or how it negatively affects mental health  and can disconnect people. But all platforms involved create their own communities that follow trends as they come along. The issue of validity and a sense of belonging is increasingly important in virtual spheres and it is creating new market fluctuations.

The market fluctuations from social media are most easily measured in the situation that happened with GameStops stock over a year ago. Over multiple social media platforms people joined together to inflate the stock in an attempt to show how most financial power is held in wall street. In a more physical sense, these trends are happening on such a scale for the fashion industry every day. Millions of people are interacting and influencing fashion trends, but in an attempt to stay relevant, they constantly change what they are promoting. These constant changes move what people are buying, and how or what companies are producing. This leads to more waste from overproduced under consumed goods. These wasted goods are usually dumped into landfills and all of the labor and time that went into production counts for nothing. 

There are positive changes that have come from social media, like the ability for people to have more global interactions or promote social movements. There is mass awareness and information spread about movements like Black Lives Matter and Environmental changes. The industry deserves more attention and regulation as it can have positive and negative effects depending on how it is being used.  This blog post is part of the CIMA Law Group blog. If you are located in Arizona and are seeking legal services, CIMA Law Group specializes in Immigration Law, Criminal Defense, Personal Injury, and Government Relations.

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