Definition of 'Social Media'
Internet-based software and interfaces that allow individuals to interact with one another, exchanging details about their lives such as biographical data, professional information, personal photos and up-to-the-minute thoughts.
Social media originated as strictly a personal tool that people used to interact with friends and family but were later adopted by businesses that wanted to take advantage of a popular new communication method to reach out to customers, for example, by informing them of sales and offering them special coupons.
Investopedia explains 'Social Media'
Through social media, anyone with internet access can interact with millions of people online. It is not necessary to be a journalist, a politician, a CEO or to hold any other position that was traditionally necessary to be able to disseminate one's thoughts or ideas to a wide audience.