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• The effect of social media on media consumption and the advertising market

  121-132

  Magdolna Valentina Kardos

  Tímea Gál

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  276

  Social media has become an integral part of our daily life and has completely transformed our society. While it had a social function at the beginning, it has had an increasing economic potential from the early 2010s. Our research objective was to explore the economic and social effects of social media on our society. Document analysis was applied in the research, thus relevant publications and studies were collected and processed. Based on the research results, it can be concluded that in recent years the time spent with online media consumption has increased dynamically for all generations, both globally and in Hungary. The advertising market rearranged fundamentally due to the change of media consumption, the revenue of the printed media decreased steeply while the online media increased exponentially since the economic crisis of 2008 in particular with social media. Concerns of data protection and significant tax debt came up in the last couple years despite of the social websites. Based on this fact, by establishing equal competition on the media market, the fulfilment of the tax payment and the observance of data protection rules have become reasonable for the state to take stricter actions against the global technology companies.