Unfortunately it is here and it will stay. I don'tbelieve in allowing myself to be followed. What ever happened to privacy, and not air-ing your dirty (or not) laundry in public ?
It will thin out. I think it's already starting, actually. There are a lot of social media consultants who do not have the right perspective; they urge their clients to use tools rather than urging them to grow their communications into social media in an organic way. Those folks are already hurting. The ones who truly "get it" are here to stay.
In case your wondering, I got the idea for this rivalry after reading a very interesting post on mashable. You can find it here: http://mashable.com/2008/08/04/social-media-jobs/
I personally don't feel like it is a trend. With gas prices on the rise with no signs of relief more people will be relying on computers and more specifically online networking. That may be comparing apples to oranges but the demand for these types of jobs will likely stay steady or increase. Companies and small businesses will have to focus more attention to online marketing.
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