In six years Mark Zuckerberg turned a college programming project into Facebook, a 500 million user social networking phenomenon. At age 19 he coded the first version of Facebook in his dorm room to help undergrads communicate online. In 2006 Facebook opened up to anyone with an email address. By 2007, 24 million people were a part of the network.
Around that time Zuckerberg allowed outside programmers to access Facebook’s software code. Soon games and apps appeared. Signups spiked. Time on the network increased. Forbes says, “Facebook is becoming a marketplace for everything from clothes and books to music and insurance.”
Customers log on 30 billion times a month to post status updates and videos, play games, look for long-lost friends, and share photos. From less than $300 million of revenue in 2008 to estimates of $2 billion this year, Zuckerberg has created wealth for himself and thousands of others. Chances are you used Facebook today; 50% of active users check in daily.
Security
In the October 11, 2010 issue of Forbes a Zogby International poll found that 63% of Americans don’t trust Facebook with their personal information. More than 90% of those respondents are Facebook members.
Privacy concerns are rampant. Zuckerberg is a target of activists claiming exploitation of shared personal info. Facebook repeatedly states that they do not share or sell details about individual users to advertisers. Zuckerberg says, “We listen to all the anecdotal feedback, but we also look at the data of how people use the site.” Facebook has seen more sharing of personal information all the time.
Longevity
Investors are comparing Facebook to Google. Their wondering where the Initial Public Offering (IPO) is. Some speculate that e-commerce on the site is soon to come. Social connections have huge, yet untapped, potential for advertising.
The future of Facebook is greatly entwined with the security issues. The information collected by Facebook is its biggest attribute for success. But every attempt to monetize attracts the wrath of privacy activists and regulators.
Last May activists called for a “Quit Facebook Day.” Only 37,000 left. Quite paltry compared to the one million a day that sign up for the service.
What’s Next?
The BIG question, what’s next? In the tech world we seem to have a fascination with killing things off and staying ahead of the trends. Myspace and even email surely aren’t what they used to be. We’re impatient and ready to be wowed by the next new thing. Some have compared Facebook to looking in the refrigerator. You keep looking, but nothing changes.
My personal/professional opinion? Facebook still has a lot of life left in it. Possibly even 3-5 years, long enough to invest in a simple business page if you don’t have one yet. And even if popularity does wane, trends show we don’t totally abandon one tool for another, we add to our arsenal of communication modes and tech tool belts.
Rumors have circulated naming sites like Ning, LinkedIn, and Foursquare as contenders in the race to being the next BIG thing, the next it. LinkedIn has a more professional reputation, but I don’t think it will gain the momentum necessary to overtake Facebook. Foursquare gives users new ways of exploring the area they live in allowing you to check in and earn badges. Ning is a social networking site, popular among activists and influencers. It touts building your own network in 60 seconds.
So where is Facebook going and what’s next? Only time will tell…
About the Authur:
Terra L. Fletcher, owner of Fletcher Freelance, is a freelance writer and marketing consultant. She also teaches classes on Facebook and Internet Marketing. Fletcher enjoys helping small businesses harness the power of the Internet. And of course, Fletcher Freelance is on Facebook.
