“World Literature” in a Time of Globalization

“World literature” is a term often referred to in academic settings to include writing from around the world and from different times that may feature varied perspectives based on these factors. However, in a time of high-speed internet and global interconnections and interdependencies, what does this term actually mean? For instance, does it refer to literature from different parts of the world, or from different “worlds”, or from different worldly perspectives? What is generally meant by the term "literature" and what should it mean?

Also, with such an emphasis on “literature” in a written form (often translated into English) and with the usual exclusion of more traditional storytelling mean such as oral stories, does the concept of world literature in any way actually represent the “world” and different forms of literature and storytelling?