Sunday's New York Times offered a good summary of this report, which is worth printing off (as PDF, not their unfriendly slide show version) and reading in depth:
Social media account for 22.5 percent of the time that Americans spend online, according to the report, compared with 9.8 percent for online games and 7.6 percent for e-mail.
That makes social media the No. 1 specific category and the No. 2 category over all, behind “other” ways Americans spend time online, among them perusing adult content, visiting retail Web sites and reading about subjects like sports and health.

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