What is New Media?

The term New Media is well known as web 2.0 and it comprises blogs, wikis, online social networking, and virtual worlds. According to Linda W.Friedman and Hershey H. Friedman, new media has five main characteristics "communication, collaboration, community, creativity, and convergence" (The New Media Technologies). The new media experiences an expoential development during recent years and it presents tremendous business opportunities. For instance, new marketing strategies use new media as a new mean to seize business opportinuties in emerging economies such as India and South America. In addition, new media is a creative mean of communication and offers a democratic access to information.