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What's the definition for the two terms «Social media» and «Web 2.0»?

Social media is an emerging term used by marketers to describe the “blogosphere of information, opinion, insight, speculation, and perspective,” in the words of Chris Shipley. The blogon 2005 conference, held in NY on October 17-18, 2005 was dedicated to the business of social media. The Social Media Workgroup investigates the development of social identity in the digital world. Web 2.0, Social Software and Social Networking are issues for the Social Media Workgroup.

The term "Web 2.0" refers to what some people see as a second phase of development of the World Wide Web, including its architecture and its applications. As used by its proponents, the phrase allegedly refers to one or more of the following:

* a transition of websites from isolated information silos to sources of content and functionality, thus becoming a computing platform serving web applications to end users
* a social phenomenon referring to an approach to creating and distributing Web content itself, characterised by open communication, decentralization of authority, freedom to share and re-use, and "the market as a conversation"
* a more organized and categorized content, with a far more developed deeplinking web architecture.
* a shift in economic value of the web, up past a trillion dollars surpassing that of the dot com boom of the late 1990s.

However, a consensus upon its exact meaning has not yet been reached.