Which statement accurately describes social media?

Social media operates as a platform for all types of communication, making it a versatile tool in the marketing landscape. This encompasses a wide range of interactions, including personal communication, brand promotion, customer engagement, user-generated content, and information dissemination. It facilitates both one-on-one interactions and broader communications that can serve various purposes, from sharing updates to engaging in discussions and networking. The diverse nature of social media allows brands and individuals to connect with audiences in dynamic ways, thus serving multiple functions beyond merely fostering personal interactions or acting as an advertising platform.

The other possibilities emphasize narrow aspects of social media, overlooking its comprehensive nature. While owned media and paid advertising are components of the social media ecosystem, they do not capture the full extent of what social media encompasses.