The Nielsen Report is a very well respected report on new media happenings.
Here are some golden nuggets from that report:

1. In the last year alone, time spent on social networking sites has surged 73%. That’s a huge jump.
2. The number of American users frequenting online video destinations has climbed 339 percent since 2003. Mark my words – online video is the future.
3. Time spent on video sites has shot up almost 2,000 percent over the same period.
4. In February, social network usage exceeded Web-based e-mail usage for the first time. Can you imagine the implication of this? Hello FB messages, good bye email! Well..not quite yet.
5. There are 87 percent more online social media users now than in 2003, with 883 percent more time devoted to those sites.

You can see the entire Nielsen report if you like (PDF).

Source: Shama Hyder