The Revenue Model of Mainstream Social Media: Advancing Discussions on Social Media Based on a European Perspective Derived from Interviews with Scientific and Practical Experts

Abstract

Potential benefits and risks related to mainstream social media platforms and their revenue model are vigorously debated. However, a comprehensive framework of performance criteria to evaluate social media platforms and suggestions for transforming them are rare. Employing a transdisciplinary approach, the present work aimed to close these gaps through semi-structured interviews with experts from academia and industry, coupled with exploratory thematic content/topic analysis. From the interviews, five pivotal performance criteria were extracted: transparency, protection of democracy, satisfaction of needs and preservation of well-being, networking capabilities, and absence of crime. Further, proposed transformations related to i) financing structures, ii) possibilities for users to protect their interests and data, iii) regulations, iv) possibilities for users to adjust platform design, and v) transparency are discussed. Properly operationalized, both the criteria and suggested transformations hold the potential to facilitate negotiations among users, (mainstream) social media companies, and governments.