In a nutshell, social interactions on the internet became “social media” when Sand Hill Road venture capital got involved to monetize our social interactions.
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I think the term “social” here refers to one’s peers. It’s the same idea behind the term “YouTube”. It’s a play on the term “boob tube” which refers to the television. So instead of showing you boobs, YouTube is supposed to be “TV about you”.
It’s the same idea as the brand name FUBU, which stands for “For Us, By Us”.
“Social” here is the same concept as in the word “socialism”. In this context, the word means “of the people”. Same as in the phrase “social causes” as a term for charity.
Correct but media added on changes the word social to mean something else to mean something hollow and for money.