Category: Economist articles

The fuss about Facebook

Evening all, I’m still on the topic of social networking tonight. Now who can help me understand about the value of Facebook? I only joined a few months ago (I know, not exactly an early adopter, but I believe in work/family/life balance people!) and to be honest I haven’t really been back since. So I am researching it tonight and want to point you in the direction of an Economist article (here) – what grabbed my attention initially:

– the founder is only 23
– since May 2007 when outside programmers were invited to build “widgets” – they’ve created over 5000 of them
– estimated revenues in 2007 of $US100m (advertising-only, tiny profits)
– a Facebook conference panellist says the firm is the new Google and may be worth US$100billion (note this was met with derision by others)

Well, this is extremley interesting to say the least, and coupled with recent media reports that Australian business is losing productivity due to the addictive nature of Facebook, I will be taking a closer look at Facebook over the coming weeks.
Good night,