The document summarizes trends in internet usage in the UK. It finds that internet usage is ubiquitous, with over 70% of the population accessing it at least weekly by 2006. Time spent online is also increasing, with over 30% of users spending over 2 hours daily. Social media usage is growing significantly while traditional websites are declining. Valuable relationships and user generated content on social media sites are driving their multi-billion dollar valuations.

1. Today's Internet by David Phillips

6. Tesco v HSBC

7. Flickr v Digg

8. MySpace v YouTube

10. End of gardening as we know it? People are not going to traditional sites – they want to go to Social Media Sites. ... and it is not just young people who are affected. Research by AXA, found the over 60's spent more time on line than gardening or DIY and 41% said the Internet is a favourite pastime.

17. The Value of (online) Relationships In 2005 Rupert Murdock's News International bought MySpace for $580million and in 2006 Google bought YouTube for $1.6billion. By any conventional form of accounting, neither of these two companies had assets of more than a few hundred thousand dollars and yet quickly appeared on the balance sheets of the new owners at multiples that made financier's eyes water.

18. Citizen content and relationships It was in the content and relationships that had been created by people who used these online facilities. Millions of people had created content and shared it among social communities both large and small.

19. The Relationship Cloud One might call such communities a 'Relationship Cloud' and they have value in themselves.

20. What is different about Social Media