About.com seems to break it down very well:
What is Social Media?
The best way to define social media is to break it down. Media is an instrument on communication, like a newspaper or a radio, so social media would be a social instrument of communication.
In Web 2.0 terms, this would be a website that doesn't just give you information, but interacts with you while giving you that information. This interaction can be as simple as asking for your comments or letting you vote on an article, or it can be as complex as Flixsterrecommending movies to you based on the ratings of other people with similar interests.
Think of regular media as a one-way street where you can read a newspaper or listen to a report on television, but you have very limited ability to give your thoughts on the matter.
Social media, on the other hand, is a two-way street that gives you the ability to communicate too.
Now that we have answered the question of what
is social media, we can move on to social media websites. Because social media
is such a broad term, it covers a large range of websites. But the one common
link between these websites is that you are able to interact with the website
and interact with other visitors.
Here are some examples of social media websites:
•
Social Bookmarking.
(Del.icio.us, Blinklist, Simpy) Interact by tagging websites and
searching through websites bookmarked by other people.
•
Social Networking.
(Facebook, Hi5, Last.FM) Interact by adding friends,
commenting on profiles, joining groups and having discussions.
•
Social Photo and Video Sharing.
(YouTube, Flickr)
Interact by sharing photos or videos and commenting on user submissions.
And these websites are not the only social media
websites. Any website that invites you to interact with the site and with other
visitors falls into the definition of social media.

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