Is Social Media Replacing "Traditional" Communication?

Twitter, Facebook, Linked In, all the social media networks that people use to stay connected are powerful in sharing information in an instant. More powerful than newspapers, which take at least 24 hours to print, more powerful than broadcast radio stations, which have limited reach in their airtime.  Is social media replacing traditional communication systems? How will that impact the newspaper industry? How will it affect radio and television industries if everyone gets their news and entertainment from the Internet? Have everyday people become just as powerful as the major broadcast companies and publishing companies? How will that affect the economy, the job market, the perception of world events? Social media expert Sy Bounds looks at where we are and where we're going in the future with social media.