Wasting time on Facebook? It’s costing us billions.
We all know the Facebook trap: you open it up on your phone or laptop and you start scrolling. Before you know it, your eyes are glazing over and 20 minutes has gone by. When Facebook’s founder Mark Zuckerberg founded the site, he wanted to have everyone spend lots of time clicking around his website and now, 12 years later, it has changed the way we interact. In fact, social media as a whole has revolutionized communication as a whole. For many people, face to face interactions are secondary. The go-to communication tactic is direct messaging, texting, or posting messages on people’s Facebook pages. The time consumers spend on Facebook has become so excessive that according to the company’s 2012 IPO filings, users spend about 10.5 billion minutes a day (not counting on mobile apps) worldwide. That means people have spent about 55 million years on Facebook since 2009. If that’s not shocking enough, it’s estimated that this wasted time is costing about $3.5 trillion in wasted productivity. In fact, if you spent those 20 minutes a day off of Facebook and working a minimum wage job, you could make a little over $800 that year. (1)