The Impact of Social Media and Viral Marketing on the Film Industry Essay

The Impact of Social Media and Viral Marketing on the Film Industry - Essay Example Different network websites focus on different issues which include books, general, film, music, community, health, education and tourism. A Marketing technique similar to a self-replicating virus through an internet, using social networking or other internet applications for creating or increasing brand value is called as viral marketing. According to St-Amant (2012 p. 1), a patient principal uses viral marketing for stronger results. This paper seeks to analyse and make recommendations as to how the managers of the film industry can respond to the issues relating to social media and viral marketing considering their impacts on the industry with justification for recommendations. Evolution of social media over a period of time indicates how businesses have made use of it for marketing. Understanding the developments taken place in social media is important for evaluating its impact and reorienting our strategies in line with technological changes. Evolution of social media Once, word of mouth was the greatest marketing mantra. Also, rumour gets thicker as it spreads. In social media, it can become a mania or rage due to viral power in self-replicating techniques, if the strategy is logical and sound. According to Hinz et al (2012 p. 12) ‘hubs and bridges are key to the diffusion of viral marketing campaigns.’ Social media has broken the concept of ‘time’ in marketing perspective. Time and place are no longer the prohibiting factors in viral marketing in social media. The Web 2.0 phenomenon made collaboration with the customers easier.... 12) ‘hubs and bridges are key to the diffusion of viral marketing campaigns.’ Social media has broken the concept of ‘time’ in marketing perspective. Time and place are no longer the prohibiting factors in viral marketing in social media. The Web 2.0 phenomenon made collaboration with the customers easier. A single new contact brings all of its other contacts to the business in viral marketing that could be compared with infection through a web of the network with endless permutations and combinations. ‘Going viral is like a calculus function mixed with the element of randomness – Brad Hines.’ (Torkildson, 2012) Viral marketing’s impact on brand or content propagated in social media can be positive or negative. The absence of copy rights or patent laws for the contents propagated in social media attracts people and viewership is encouraged. Monetisation of viewership becomes easier where there is surge in demand for content. The Ou tdated brand of Old Spice has been revived by P&G in their viral marketing strategy for the product. The Responses to the Old Spice marketing strategy ‘topped 6 million total views and 60 000 Tweets in the first 24 hours on YouTube’ (Mills, 2012 p. 165) Similarly, negative impact affects the business severely. In a way, it increases the level of corporate social responsibility among the companies as the customers’ views on corporate practices converge at a faster pace that forces the companies to review their strategies more in line with public expectations. ‘Greenpeace supporters were so successful at flooding Nestle's Facebook page last year that the Kit Kat maker's social media rep publicly lashed out’ (CNN Money, 2011). Social media is an evolving theme with a very short history. Releasing