Facebook is fuelling a substantial part of the UK economy, driving some £2.2 billion into the government’s coffers through the employment of 35,000 people and in Facebook advertising revenues.
That’s according to figures published by Deloitte, which also reveal that the social network’s application market alone contributes around £500 million to the British economy.
Deloitte’s estimates focused on looking at both the direct financial impact of Facebook, as well as the broader supporting market it provides. This includes giving businesses a platform in which to “reach customers, make sales, create and monetise apps and even boost demand for products such as broadband and smartphones,” Guardian.co.uk reports.
Computer Weekly adds that the sale of such technologies like broadband and smartphones account for bringing in £550 million in the UK, supporting some 8,800 jobs.
The figures were revealed at the Digital-Life-Design (DLD) conference in Munich on Tuesday, where a series of technology and innovation leaders took to the stage.
Among them was Facebook’s chief operating officer, Sheryl Sandberg, who declared that the report shows “that Facebook is about a lot more than sharing pictures or keeping up with friends. Increasingly, social media means growth and jobs.”
She added: “Social media is proving particularly valuable for small and medium-sized businesses, which form the backbone of the European economy.”
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