Every time I see figures like the recently released numbers for Facebook (net income was almost $5bn in Q1, up 63 per cent year-on-year) I’m reminded of The Big Short, when Jamie and Charlie realise the banks are selling what they now know are worthless CDOs. The banks know exactly what they’re doing, as does the SEC, as do the rating agencies. They just don’t care. And the media isn’t interested either. It’s fraud, but everyone is happy to carry on regardless.
But maybe some people do care.
According to Mediatel "Ofcom produced a report this week stating that the number of British social media users who consider the platform to be their main social media or messaging profile fell from 80% to 70% in just 12 months."
Watch this space.