I disagree - the customer is even more the king or queen now - with social media enabling instant and potentially world wide communication about product quality, benefits, or lacking - the customer is shaping demand. Smart manufacturers are listening and monitoring social media and other outlets to listen to what their consumers are saying, and responding accordingly. If a product is doing great - they can plan for additional production, or if doing better in one region than another - shift product to the better location. If a product is being perceived as bad or unsatisfying, they can suggest alternatives, price reductions, or pull products before the problem is too widespread.

Customers are always the king. Social media can create an atmosphere about the brand but a customer is someone who creates the brand life, loyalty and value. A hype can make you buy the product but can not let you sustain that. For example, let's go back to electronic media, you can play ads 24*7, campaigns, pull celebs or anything on electronic media, that might help you in the beginning and customer may buy your brand. But if you don't provide basics like quality, support or value for money, they never return. Even they start bashing about the brand. And that situation is worst for the brand. 

If the customers are not King or Queen then manufacturers will be beggars. Customers are always regarded as King/Queen because they are the ones who will buy your products. If they are happy with the quality and efficacy of your brand then price doesn't matter much to customers. We can always promote our products by various means of social media but ultimately all are useless if the customers doesn't buy them.