Business

👍 Facebook generates €208 billion economic value and 3.1 million jobs in Europe

Copenhagen Economics has done an extensive survey of European companies on how they use Facebook and what kind of economic activity that creates.

👍 Facebook generates €208 billion economic value and 3.1 million jobs in Europe

Social media is not only used to keep in touch with family and friends or share whatever is going on in your life. It's also a place where businesses can find customers.

Before social media it was much harder and much more expensive for a small company to find customers both in the local area, but especially abroad. A newspaper ad is usually not very effective in targeting the right audience. And if you run a business in the US, how you find the right newspaper for your ad in Spain?

With massive platforms like Facebook, that is much easier. And that is what Copenhagen Economics has tried to measure in Europe.

Representatives from 7,720 businesses in 15 countries across the EU responded. They say that using Facebook apps and technologies helped them generate international sales corresponding to an estimated €98 billion ($108 billion) in exports last year.

In total their use of Facebook technologies generated an economic activity of €208 billion ($230 billion) last year. Using standard economic modeling techniques, this translates into an estimated 3.1 million jobs, Copenhagen Economic says.

The study is commissioned by the Facebook Company.

Thank you to Joakim Jardenberg for the news tip.

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