Technology always had a profound impact on our perception of time, leading to new forms of routines and behaviors. The explosive use of mobile and social media technologies is already introducing new forms of work routines and hence could impact people's perception of time. In this study, we look at how both mobile and social media use generates a new dimension of time, one we call mobichronic time. Mobichronic time is qualitatively different from monochronic and polychronic time, which most of the literature on time perception and time use focuses on in seven ways: (1) People are more aware of exact time, (2) People are more 'present' oriented, (3) People develop unique time saving strategies, (4) People trade time as money, (5) People engage in flexi-scheduling, (6) People hide interruptions, and (7) People compartmentalize their role identities. We also discuss the implications these new behaviors have for consumers and organizations.