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Zoom communications4/21/2023 Now we are all on our digital devices for work, for studies, and for leisure. On one hand, it has erased barriers and made information flow to be possible, on the other, it has also blurred the lines between work-life balances. It has made Zoom into one of the go-to applications one would use alongside social media. The sole reason for such an immense increase in usage is the virus. Sociocultural FactorsĪs has been mentioned repeatedly in the article, Zoom has become a part of our socioeconomic spheres around the world. In the US, zoom has a whopping 42.8% of the total market share making it ahead of all competition. In 2021, they reported having secured revenue of a billion dollars in the April-June quarter! This is 54% more than what was made when the world went online in 2020. It was amongst the fastest apps to grow in 2020 during the pandemic and the valuation of the company at the end of the year was calculated to be a very impressive 100 billion dollars. In the first quarter alone of 2020, Zoom reported a booming increase of 354% while the revenues rose by 169% yearly afterward. One of the biggest success factors here is that they offer 40 free minutes of online video sessions, unlike their competitors. It also did not stop people from their studies and work, so it became a very important part of daily life. This was possible because Zoom was the solution during a time of strict social distancing for people to stay connected with their loved ones. Whereas almost 90% of businesses and industries took a severe blow from the global pandemic, services like zoom rose sharply.
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