Social Networks 'Cost' UK $22 Billion A Year? Bollocks!

©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.

Media Post, 8/6/10

The rise of social media has given rise to a cottage industry manufacturing and distributing spurious statistics. The best ones are anything with dollar values attached, the bigger the better; they might not be helpful, but it’s fun debunking them.

Here’s a good one: Apparently employees goofing off on social media sites costs the United Kingdom £14 billion or $22 billion per year, according to a very authoritative-sounding study from MyJobGroup.co.uk, which operates the U.K.’s largest network of regional job sites.

Wow, that’s a lot of money! Hey, UK bosses, you should probably tell those shiftless layabouts to get off the social medias and back on task right away, don’t you think? What’s that? You say you want to know the methodology behind these findings? Well, I suppose we could take a look…

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