Do you think social media is now becoming more a place for business than socializing, Could it be as a result of digitalization and things moving online or more people now starting business online because of need to somehow generate income or another source of income for self to survive the economic situations which is becoming tougher?
No, this is not true. There are less people using it for business in comparison to those using for social activity. Most of the people already have their jobs or studies and they are on social media for fun only. Less than 1% might be using it for business.
However, those who use social media only for fun always came across ads and accounts that offers goods and services. Imo, social media platforms have turned from socialization places to marketplaces. People use them for business, because this is the easiest way to start a business. IRL when a person wants to start a business, he needs to register as self employed or found a company. In social medias all you need to do is to register an account add text and photos and your are ready to do business. You dont have to fill any papers, make reports, pay taxes and etc. Just create an email, register in social media and your business is set to go in 5 minutes.