There are various online media platforms available today and include Facebook, LinkedIn, YouTube, StumbleUpon, Digg, Reddit, Del.icio.us, Pinterest, Tumbler and Google+, to name a few. Such platforms are exploited by individuals as well as masses for different purposes ranging from communicating with relatives and friends to using them for online marketing. With the proliferation of such online media platforms, the world has converged and the effect of the virality of such platforms on general society is tremendous. The current paper presents an analytical review of related literature and on the sidelines also aims at identifying the parameters responsible for influencing the usage and popularity of such platforms. The factors responsible for the selection of a specific platform as well as the stages, effects and growth of news-items leading them to become viral have also been studied.