Social media developments are fascinating and exciting. They show the great potential of the new communication and information tools that are becoming available thanks to the Internet, Web 2.0, email and broadband infrastructure. However, for these new social media tools to succeed, they need to become fully and totally integrated into our daily communication. Current social media sites such as Facebook, MySpace, LinkedIn, Plaxo, Twitter, YouTube, Wikipedia, Google and Second Life are great incubators for these new services; they provide us with new tools and allow us to experiment. Online gaming, particularly games based on virtual simulations are increasingly becoming linked in with social networking services. This report includes BuddeComm’s assessment of social media as a communication tool and includes information on some of the most prominent social media sites, including broad statistics. This report also provides a broad global overview and statistics on the online gaming and gambling market.