Forum
- Searchable
- Specific content
- easy administration with respect to allowing or getting rid of users
I ran a forum for many years and it does take a lot of time to keep it functional at the back end as well as dealing with people's complaints.
Social Media
- Wider audience
- Privacy concerns
- Targeted advertising
- Wider Networking
Like others I hated social media and refused to use it, especially facebook. However when I first applied to be a member of Team Racepak (and missed out on a spot) the importance of having a social media presence made me rethink. Without establishing a social media presence I would not have some of my current sponsors nor the network of people I can ask questions of.
With respect to my social media use it is not about sharing personal 'stuff' rather about my car. Hence I use social media as a tool to help the people who support me (marketing) and attract new people who could hep me. I find it very personally rewarding when these sorts of contacts move to long term relationships and/or become personal as well as business.
There are more points that could be added to the above lists... but trying to keep it to why some people prefer one format over the other or why one format is not used.
Irrespective, I have made friends because of my social media use and forum membership(s), so I guess it is horses for courses.