Facebook COO Touts the Impact of Social Media on the Economy

Sheryl Sandberg, COO of Facebook, spoke at the DLD conference in Munich where she discussed the bigger implications of social media. Sandberg cited a study by Deloitte that reported that Facebook was responsible for adding $15.3 billion in value to the European economy and 232,000 jobs. The Facebook executive called social media “a really unique bright spot” in an overall challenging economy.

AllThingsD quoted Sandberg who said, “It’s not just posts and pictures and the fun things with friends, but this is really serious stuff. This is about growth, this is about jobs and empowering people.” The COO also announced a new promotion which would give 100 Euro advertising credits to 50,000 European small businesses.

Sandberg reportedly seemed to be justifying the company’s value, perhaps in anticipation of the expected Facebook IPO sometime this year. She discussed other businesses who have reaped the benefits of Facebook such as Spotify, Wooga (a social media game maker), and Bavarian clothing maker Trachten Angermaier who reportedly saw 20% sales growth after advertising on Facebook last year.

Sandberg also touted the exponential advertising value of reaching just one Facebook user. “The distance between one person and one million is four steps,” Sandberg said, meaning that if just four Facebook users share a piece of information, it will reach one million other users. “This is word of mouth at scale,” Sandberg said per AllThingsD.

 

To contact the reporter on this story: Ashley Cloninger at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com