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The Australian social media industry has faced various challenges due to different factors, including media mogul subjugated media which facilitates conservative views and restricts peoples opinions. This report majorly aims to examine various factors impacting Australias social media industry PESTLE analysis. Conducting PESTLE analysis is essential to Australias social media industry because it will help Australias social media industry institute external aspects that could influence its decisions (Çitilci & Akbal1k, 2020). External factors do not impact an organizations profitability.
PESTLE Analysis
The political environment regularly impacts and is influenced by Australias social media industry. For instance, Australia restricts some social media platforms, including Facebook, to control the spread of suspicious activities (Hardy, 2020; Watney, 2020). Nevertheless, some social media platforms in Australia operate freely without receiving restrictions. Australias social media industry sometimes uses social media platforms for global political purposes. The Australian social media industry has proved ads, viral videos, and other advanced campaigns to efficiently impact peoples opinions and views (Maghfiroh & Rohma, 2021). However, some Australian social media platforms have received accusations for failing to control the spread of fake news used for political purposes.
Australia has strong links with the United States. On top of that, it is also a member of the United Nations. Additionally, Australia has alliances and memberships with other global organizations such as the G20, OECD, APEC, ANZUS, WTO, and Commonwealth of Nations. Such organizations have enhanced the citizens of Australia to connect globally with other people across the globe.
The conducive political climate of Australia has attracted many investors because of its stability. Stability has ensured that investors have trust in the system of the Government of Australia. The political and economic policies have made Australia among the top-ranked nations in the region. The conducive political climate has enhanced Australias Government to use social media in conducting political activities like online registration of voters, for instance, the 2006 general elections.
Economic Factors
Many people in Australia work in the social media trade hence addressing their essential needs. Likewise, many individuals operate various categories of businesses within Australias social media industry. Thus, Australias social media industry has empowered many people and enhanced Australias economy (Petrou & Connell, 2019; Palmer, 2017). Personal usage of Australian media is habitually free, impacting subscription fees, enabling Australias social media industry to grow reasonably fast. The social media industry in Australia is the primary source of revenue, particularly advertising via social media platforms (Haynes et al., 2021). However, some Australian platforms may limit some of the features to enhance premium and paid services. Australians economic issues force the media industry to decrease digital marketing estimates, thus reducing income generation for Australias social media industry.
Social Factors
Australias landscape is vast, but when compared to its population, it is smaller. The average life expectancy of females and males is about 80 to 84 years. After World War II, the Government allowed mass immigration into the Island. For that reason, Australias social media industry consists of the worlds most multi-ethnic and multicultural society (Oliver et al., 2017; Owuamalam et al., 2017). The Australian society comprises the upper, middle, and lower classes (Collins, 2020). The upper and middle classes can easily access Australias social media industry while the lower classes find it hard hence impacting the generation of revenues.
Technological Factors
Technology plays a vital role in Australias social media industry development. Consumers often consider new and better features when using a social media platform. Customer demands are often the driving forces for further advancements in any social media industry. Hence, Australias social media industry continuously pursues development and innovation to attract more users (Smith et al., 2018). Tech innovation is a clear indication of Australias interest in technological inventions (Senarathna et al., 2018). Advances such as robotics, Artificial Intelligence, and machine learning have enhanced Australian social media industry productivity and competitiveness.
Legal Factors
Social media platforms contain various users data; hence they must adhere to specific regulations and rules. Australias social media industry adheres to General Data Protection Regulation (GDPR) that enables t to strengthen its data protection (Bayaml1o lu, 2021; Shere, 2020; Niebel, 2021). Australias social media industry constantly revises its policies to avoid the leakage of peoples confidential information. The initiative ensures that unauthorized users do not use its trademarks illegally and imposes a penalty on users who post ambiguous posts on the social media industry. Hence, Australias social media industry ensures that all users adhere to the rules and regulations that govern media industries.
Environmental Factors
Different industries have various standards or norms that influence their profitability. For instance, Australias Government has liability clauses for industries that cause disaster or threatens the environment (Wamba et al., 2019; Cullen-Knox et al., 2017). Australias social media industry evaluates environmental standards carefully to avoid violating the norms. Some of the factors Australias social media industry considers include environmental pollution, climate change, weather, water and air pollution guidelines in the social media industry, recycling, and waste management.
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