Answer:
The Internet enables effective global communication around the world and has changed the way people socialize and consume media via social networks, and has facilitated teleworking, distance learning and e-learning. The Internet has given rise to new e-commerce companies and industries, and knocked out other traditional players, but also contributed to the development of the IT bubble and burst at the turn of the millennium. To counter piracy of music and movies over the internet, new streaming services have been developed since the 00's and cut out distribution lines. Web magazines and social media have competed with many traditional media, especially the local press, and reduced the labor market for journalists. Social media may have been a tool (but not a catalyst) for revolutions such as the Arab Spring and of significance for an explosive increase in the spread of fake news and misinformation since the 2000s. Social media is believed to have had an impact on election results, but it is debatable whether fake news has had it.