• by Gavin O'Malley , Staff Writer @mp_gavin, June 9, 2011

“Is the Social Media Bubble About to Pop? Or Is It a Bubble at All?” That’s the title of OMMA Social’s morning keynote presently being presented by Antony Young, CEO of Optimedia International U.S. In light of Anthony Weiner’s socially-enabled “sexting” scandal, however, Young said he considered going with the title, “Is Social Media’s Enormous Growth About To Be Exposed?” (Alas, he demurred.)

Alright, back to the bubble thing. Well, Young said it would just be “rude” to open OMMA Social by “throwing cold water” on all the social media excitement. Also, he didn’t want “to risk being blasted on Twitter.”

BUT, Young DOES think the question is worth considering. “Is Facebook REALLY worth $76 billion,” he asked, noting that that would make the company worth more than News Corp. and Time Warner combined! Even The Economist -- the reigning king of global-business broad strokes -- just suggested that “irrational exuberance” has returned to the Web, Young noted. (Where’s Greenspan when you need him?)

Going back to his original promise, Young added that social is indeed “game changing” because it’s transforming the Internet into a branding medium. In its first iteration, he reminded us, the Web was all about direct response. For brand agencies, needless to say, the distinction is key. (Branding, Young also pointed out, has always been about reputation management.) What’s more, social should be credited for getting “us” to rethink what we say and who we talk to, according to Young.