The turn off the millennium and the advent of the twenty first century has largely been characterized by an internet revolution. After the famous burst of the internet bubble and the stumble of the internet stock in the last decade of the twentieth century, internet based entrepreneurs started to look for new ways of making money off the internet. This outcome led to the development and the resulting popularity of social networking and social media sites. The two related phenomenon have clearly impacted our society in multiple ways. The four min areas where social media and new media have brought about profound impact in the way carry on with our day to day lives are in the fields of business, communication, socializing and our general perception of the media especially in the manner through which we receive news. Social media and social networking broadly refers to the use of internet based technologies to accumulate social capital. The increased popularity of social networking and social media sites has meant that businesses have been left with minimal options other than to adopt the new technologies in their day to day activities. Every other big business brand has an extensive social media presence that entails targeted multimedia content to its current and potential customers. The social networks and social media phenomenon has also led to the emergence of new careers in social media managers who are among the best paid employees in the current times. Social media has basically overhauled the traditional ways of doing business. Besides business, social media and social networking has also profoundly affected how members of the society communicate to each other. Calls that are usually carried over telephone networks and physical mails that are normally delivered through courier and postal services are almost becoming extinct as more and more humans choose to communicate via internet supported chat rooms, emails, status updates, microblogs and tweets. Through a simple status update, one can give an opinion on an issue and initiate debate on the issue without necessarily convening a physical meeting where everyone has to be physically present. Socializing has also taken a new form as a result of the emerging Social Media and Social Networking sites. Humans are often considered as social beings that have the need to socialize with each other. Social Networking sites like Facebook allow one to befriend people over the internet even without meeting them. Graduates.com is another site that allows for the socialization of former school mates. Perhaps the most profound effect of social media is in the way we receive news. In the past, breaking news was a reserve of the big cable television companies. However, in the social media and social networking era, anyone who can claim ownership of a smartphone can easily play the role of a journalist and deliver breaking news. Pictures can easily be uploaded on Instagram, twitter and Facebook. The downside of this outcome is that it becomes difficult to verify the authenticity of such news (Jay). In conclusion, social media and social networking sites have greatly altered how we go about our lives either at school, home or at work. With the ever increasing computing power and our ability to invent, what the future holds in regards to social media and networking is infinite. Maybe, we will be able to ignite our cars through a tweet. Works CitedJay, Scott. Social Media Makes an Impact on Society. Huffington Post. 30 May, 2014. Web. 7 July, 2014.Lisa, Mason. Impact of Social Media on Society. Socialmediasun.com. n.d. Web. 7 July, 2014.