Why in the News?
Well-known people and social media influencers must disclose any financial or tangible benefits they receive from the brands or products they are endorsing on social media, according to endorsement guidelines the Centre has published.
What does "Endorsement" mean?
- Endorsements are advertising that uses well-known figures or celebrities who have gained the public's high regard.
- Clients and advertisers hope a celebrity's endorsement or seal of approval will positively affect consumers.
- For instance, young men or kids who look up to Sachin Tendulkar as a role model may be influenced by his endorsement of motorcycles and cookies.
What percentage of influencers do we follow?
- According to a report by the digital marketing firm iCubesWire Survey, a significant portion of Indians reportedly bases their brand decisions on advice from influencers.
- 34% of survey participants purchase goods or services after viewing influencers' social media posts.
- On popular social media sites like YouTube, Facebook, and Twitter, among others, this content may take the form of reels or videos.
What is the level of consumption of social media like youtube, Fb, and other sites in India?
- Prevalence of Social Media:
- The statistical analysis shows that social media users are increasing rapidly, with around 467 million in 2022. It is all because of increased internet connectivity among people.
- It has reached around 658 million in India, which is around 47% of the population.
- Advantages of social media:
- Information democratization: The spread of knowledge and improved communication are made possible by social media. Today, countless online users feel empowered to ignore established information curators.
- In addition to being content consumers, they are now content producers and distributors.
- Direct Access to the Government: Modern social media has allowed common citizens to interact directly with the government.
- These days, stories about regular people tweeting about the Railway and other ministries and the organizations responding to them are widespread.
- Self-expression and creativity are promoted by social media, which gives users a platform to share their original works, thoughts, and ideas with the rest of the world.
- Now, More effective and personalized customer service is possible. It is all because of social media's increased ability for businesses to interact with their clients in ways that were not previously possible.
- Social media is a cost-effective method for businesses to market and advertise their goods and services.
- Social media-related difficulties:
- False or misleading advertising is a common tactic some businesses use to promote their goods and services on social media platforms, which is an unfair business practice.
- Influencers also post product reviews on social media sites, but some of those reviews may be biased or fake, misleading consumers and going against fair-trade principles.
- Social media has become a haven for cyberbullying and harassment, sometimes resulting in mental health problems and even suicide.
- Social media platforms gather and store a lot of personal data, which raises questions about data security and privacy.
- Lack of Regulation and Polarization: There is little regulation of social media platforms, which can result in the spread of hate speech, fake news, and harmful content.
- Social media can also lead to polarization by creating an "echo chamber" effect, exposing people to others with similar views and opinions.
