Komarova, O. V., Denisova, A. E., Belan, A. A., & Loskutnikov E. A. (2020). The Main Directions of Social Media Development. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 17 (2), 497-502
The digitalization of business is an essential part of technological and economic development. The directions of enterprises and market development are largely determined by the susceptibility of enterprises to digital technologies. In turn, faster business development is possible not only assessing the business but assessing possibilities of using digital technologies in certain markets and certain types of economic activity. One of the most important elements of the digital economy is social media. The purpose of the study is to examine the capabilities of social media and highlight trends in their development. The social media analysis allows us to consider them not only as a sphere of communication but also as a special part of the digital economy, which mediates the interconnection of economic agents, ensuring a reduction in transaction costs of a business. The universal characteristics of social media are highlighted based on the analysis of scientific research in the field of social media. Based on the universal characteristics of social media we consider the possibilities of developing various areas of entrepreneurial activity. Using the analytical studies we highlight key trends in the development of social media, which can become priorities for the development of various types of economic activity. The study of the digital economy models can be based on these recommendations, which allow developing the practice of using social media.