Right now, some of the top internet entrepreneurs are in New York City discussing social commerce, Facebook, the daily deal space and all things social media. It's all happening at the Social Commerce Summit and since we can't all be there, Business Insider is boiling down the important points in a series of articles on their website. It's still a lot to take in, so I'm narrowing it down even more.

We have a Blockbuster store in our town that is still open for business but you wouldn't know it when you drive by. But if you go down a block to the grocery store any evening, you'll have to navigate your way around the line of people waiting to hit the Redbox DVD machine. Now that Redbox has the hard-copy, DVD rental biz sewn up, it's time to move on to the streaming biz. That means competing with Netflix. Even with all their recent troubles,

While Tumblr, Pinterest and Facebook generate buzz, LiveJournal has been quietly steaming along for 13 years. The service is the ultimate combination of blog and social media, connecting folks with like interests with easy friending tools and communities. And though it may seem like blogging is on the way out, LiveJournal is looking to pump up the volume with the concept of super communities.

Facebook has a dirty little secret. They don't know how to make money with their mobile app. That may sound like no big deal, or even a little humorous, but its actually pretty scary. Facebook has one of the biggest user pools around and if they can't find a way to make their smartphone users convert, then what hope is there for the rest of us? The trouble stems from the fact that Facebook's mobile app is a highly stripped down version of the real site.

Video may have killed the radio star, but it's working wonders for the online ad business. According to eMarketer, video is showing the highest spending growth numbers of any category. Last year video went up 42.1% and it's expected to keep in the double-digits for the next few years. More spending, means claiming a larger share of the online ad pie. For video, it's currently at 7.9%, just barely sneaking past Classifieds and Directories.

The Integer Group and the Coca-Cola Retailing Research Council understand the importance of social networking in marketing. That's why they've dedicated themselves to making sense of it all, beginning with a five-part series called entitled Untangling the Social Web: Insights for Users, Brands and Retailers . The first part is available right now )it's free( and right off the bat you'll find this little gem.

"By 2017, Millennials - those consumers now in their mid-teens to mid-30s - will have more spending power than any other generation." That quote shouldn't take you by surprise. It's the circle of life. A new crop of young, working, educated men and women who have discretionary income. In other words, the people you need to keep your business alive. One hitch, a study by Bazaar Voice says that Millennials don't make purchase decisions like their mothers did,

A year ago, News Corp set out on a new adventure " the launch of a daily news magazine that could only be found on the iPad. On the content side, it wasn't much of a gamble. News Corp publishes The Wall Street Journal, The New York Post , the UK's Daily Telegraph and hundreds of other papers around the globe. They also had some experience with paywalls for online versions of their newspapers, but The Daily had to be all that and more. What they set out to build,

What did you read as you ate breakfast this morning? The newspaper or the back of the cereal box? It's a funny bit of pop culture behavior, reading cereal boxes, but Mark Addicks of General Mills says that on average, a person reads the text on their box 12 times. Some of those people are looking for calorie counts and nutritional information, but many are just passing the time as they eat. I guess it's a habit we developed as kids,

In an ideal Facebook marketing world, fans would like our pages, leave sweet comments on our amusing daily updates, and share their joy with their friends. In the real world, it doesn't work that way. You already knew that, but did you know how much it doesn't work that way? AdAge recently published the results of a study by the Ehrenberg-Bass Institute and here's what they found. 1.3% of brand fans on Facebook are actively engaging with the brands they like.

We've been saying the same thing for a while now. Everyone knows social media marketing is good for business, but no one has a surefire method for quantifying the results. To get around this, most marketers make themselves feel better by saying that social media marketing is primarily about brand awareness. This is true and important. Having your name out there is better than not, but awareness alone doesn't pay the bills.

Imagine a movie based on your life. Would it be a blockbuster adventure? A romantic comedy? Hopefully not fodder for a Lifetime Original. Oh forget imagining, Facebook wants to make it so, with the Timeline Movie Maker. Opt in, click a few choices and you'll have a mini movie showing the best years of your life set to music. As long as you documented those years on Facebook, of course. AdAge thinks Facebook is using the movie maker to make Timeline "less fearsome.

Ready for another Groupon horror story? Amy Kunkle owns Food for All Market, a specialty grocer in Philadelphia that sells food items for the very allergic. As you can imagine, it's not the biggest store in town, it has a small, but loyal client base and up until recently, made enough to pay the bills. Then Groupon called and convinced Ms. Kunkle that she could increase her business by offering a $15 for $30 worth of merchandise coupon. Of that amount, she would get $7.50,

Social media seems like such a simple and innocent thing. Write something funny. Post it. People enjoy it, share it and it's good advertising. Turns out social media is actually a minefield of hidden dangers. One wrong move and it blows up in your face. This week's mine sweeper is Mars Candy, specifically the Snickers bar in the UK. It began with a strange series of Tweets from Maxim model Katie Price. It's Tweeter so remember to read from the bottom up.

Free speech is one of those topics that always sends people in a tizzy. Most would agree that censorship is a bad thing, but at the same time, it's not right to yell "fire" in a crowded theater. Unless, of course, the theater really is on fire. This idea is tricky enough when you're talking about books and speeches and what people say on TV. Social media, makes it even trickier. Take Twitter.

Xander: "Sure he says he's a high school student, but I can say I'm a high school student." Buffy: "You are." Xander: "Okay, but I can also say that I'm an elderly Dutch woman. Get me? I mean, who's to say I'm not if I'm in the elderly Dutch chat room?" Xander makes a good point. The one cool and also creepy thing about communicating over the internet, is you can be anyone you want to be; a high school student, an elderly Dutch woman or Snow White.

If you watch the commercials on TV, it's easy to believe that the entire population of the Earth is walking around with a smartphone in their pocket. Not true, but that day is slowly approaching. Google conducted a study of cell phone users in the US, the UK, France, Germany and Japan and found that globally, smartphones are on the rise. The UK had the highest concentration with 45%, up 15% from the first half of 2011.

Google+ has just lowered their minimum age requirement from 18 to 13. Young teens everywhere couldn't care less. Google VP Bradley Horowitz makes a great pitch though. . . . Teens and young adults are the most active Internet users on the planet. And surprise, surprise: they're also human beings who enjoy spending time with friends and family. Put these two things together and it's clear that teens will increasingly connect online. Unfortunately,

I'm going to go out on a limb here and say that the Super Bowl will be the biggest, one-day, social media event of the year. Last year, during the final minutes of the game, fans posted 4,064 Tweets per second . This broke the sporting record which had been held by the World Cup, but it didn't break the all-time record of 6,939 TPS. That happened the moment Japan welcomed in the new year. Still,

It's ironic that the top story on Yahoo's front page is about how J. C. Penney is reinventing the brand. Perhaps the higher ups at Yahoo should read their own article, then maybe sit down with the retailer for a round of commiseration and cheering up. The once powerful Yahoo, just reported a decline in net income of 5% for Q4. Recently, Yahoo invested a lot of money and effort into raising the quality of its content.