<< by on October 16th, 2009
Continuing my summary from Social Media Outlook 2009, after the panel discussed misconceptions and social media success stories, they moved onto the question, “where do you think Twitter will be in 5 years?”
Mobile devices seemed to be where most think Twitter will succeed in the future. Mobile technology was a theme throughout the morning, and platforms like Posterous, Foursquare and BriteKite were mentioned as other upcoming tools. Rohit Bhargava mentioned the ease some of these platforms, like Posterous, bring to updating all of your social network statuses immediately – with the push of one button from your Blackberry (or with tap of one finger from your iPhone). [By the way, the crowd was overwhelmingly Blackberry users - so social app developers, get a move on! We (BB users) are still waiting for a really great Twitter app!]
Whether Twitter popularity or the company itself fades, the panel believes the behaviors associated with Twitter won’t disappear. The practice of sending helpful and interesting links will stick around. And as far as the importance of Twitter links go, they said the real power of link sending and tweeting is in the Retweet. Next, overall predictions about the industry were discussed.
Overall predictions of the social media industry included Google Wave as having potential because of its interactive nature. As a method of updating multiple social network statuses, Posterous was noted as useful but still difficult to set up for the non-tech user. With the influx of content creators, these tools will be forced to be user friendly, mobile, and quick if they want to survive.
For the entrepreneurial spirit looking to capitalize on the growth of social media, the panel discussed some pointers to keep in mind when starting out. The speakers suggested to raise money quickly in the beginning, and to keep away from monetization (but then to monetize later, as soon as funds are raised). And in order to create buzz about your new company or service, Geoff Livingston recommended reaching out to the “magic middle” of industry bloggers. This segment of bloggers is most likely to write about your new product on their blogs and help you spread the word.
Closing with thoughts about the emerging movements in social media, the panel said a bandwidth internet revolution needs to occur for rich web content and an evolution of the online experience. As the bandwidth increases, the use of text may die out, as users will be able to upload and share larger files more easily – like videos. This provides a gateway for virtual reality content and rich media.
Share your thoughts about these predictions – let us know what you think by sending @searchmojo or @reneerevetta a tweet!