A new study by Deloitte says that Facebook is worth billions to the European Economy.
According to a Deloitte report, the social network supports over 35,000 UK jobs and contributes nearly £2.2bn to the economy.
The report ‘Measuring Facebook’s economic impact in Europe’ noted that it also supported 232,000 jobs across the EU with an economic impact of €15.3bn.
Speaking at the DLD Conference in Munich, Facebook’s Chief Operating Officer Sheryl Sandberg was understandably pleased with the reports findings.
"Today’s report shows that Facebook is about a lot more than sharing pictures or keeping up with friends. Increasingly social media means growth and jobs. As the Deloitte study highlights, social media is proving particularly valuable for small and medium sized businesses, which form the backbone of the European economy."
Social media has already caught the attention of the political world with political leaders actively using social networks to communicate their messages and connect with younger generations.
Continued Investment in social media is needed in order to fully continue its potential for economic growth and other areas.
The report says that the Facebook platform has enabled over €560m of economic activity because the social network gives developers a way to develop apps for users which in turn generate revenue and promote innovation. The site also makes it easier for users to organise events that would otherwise cost more to publicize and invite a large number of people.
Increased technology sales are also attributed to Facebook’s rise, as demand is said to have increased for broadband connections and devices – this now supports 8,800 jobs within the UK and nearly £550m in technology sales.
Chris Williams, Deloitte Economic Consulting partner, believes this is only the beginning.
"Facebook embodies a new generation of social media organisations that have significant global impact and create economic value through enabling ecosystems of businesses to flourish. Traditional narrow measures of economic impact are limited and it is critical to consider the broader impact of Facebook in allowing other parties to create value across the economy."