early platforms like MySpace, Facebook, YouTube, and Twitter introduced global online social networks
later apps — Instagram, Snapchat, TikTok — expanded social sharing into photos, stories, and short-form video
smartphones + cameras turned social media into an always-on, real-time behavior
platforms reshaped communication, news, politics, culture, entertainment, and advertising
billions of users began consuming content through algorithmic feeds rather than traditional media
social platforms became some of the world’s most powerful companies, influencing commerce, identity, and public discourse

What Drove the Transformation

network effects made each platform more valuable as more people joined
smartphones and high-quality cameras enabled constant content creation
algorithmic feeds increased engagement by personalizing content discovery
user-generated content removed publishing barriers and democratized influence
targeted advertising became an extremely profitable business model
creator monetization tools turned social media into a viable career path
global software distribution allowed platforms to scale to billions at near-zero marginal cost

The Economic Lessons

network effects + zero marginal cost create dominant digital platforms
attention became the core economic resource of the 21st century
data + distribution + engagement form powerful competitive moats
algorithmic amplification shapes markets, culture, and public opinion
social platforms create new business channels — and new vulnerabilities
the boom is still unfolding as AI, short-form video, and creator platforms evolve

The Social Media Boom (2000s–Present)