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Social media allows people to share thoughts and opinions, feel more connected to a community, and take many forms such as blogs, videos, wikis, email and podcasts. It incorporates both new and old media, evolving from letter writing to internet chat rooms. Social media is a rapidly developing media that changes daily and its power to change not just companies but the whole world should not be underestimated, as noted by Rupert Murdoch in the presentation.Read less