Inside Music MediaJerry Del Colliano

Social media is on the verge of a meltdown in consumer confidence that could totally redefine its role in traditional and new media.

The crisis stems from recent and increasingly numerous revelations that Facebook, MySpace and even Google have played foot loose and fancy free with privacy issues that turned out to matter to hundreds of millions of social network users.

Facebook was recently outed for giving heretofore thought to be private user data to companies for advertising purposes