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Now a days people can say things faster (texting lingo) and they can get there message read faster (IMs)
It has made communication overall faster in all aspects
Social media has increased the awareness of people with their surroundings. People are now part of what we call 'citizen patrols' wherein they can now be part of the spread of awareness of an important event.
I also agree with Be_Creepy. There are now Jargons or Lingoes that emerged through the new media.
Faster communication means faster transmission of information among other people.
Social media/new media is now one of the channels/medium of communication that has developed through technology. And it plays a vital role for people to participate and give first-hand facts(pictures, videos, interviews) about what's happening around them.