Sunday, December 9, 2012

The History/Future of Facebook

Facebook is a social networking site that encompasses the boom of the internet. As of September of this year, Facebook has generated over 1,000,000,000 (one billion) users from all around the world. It has an interesting future, but first, a look at its past. Facebook Inc. was established on February 2004 in Harvard University by Mark Zuckerburg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes. I was originally only for students at Harvard, but then was expanded to eventually include the whole world.

Facebook currently is the most used social networking site on the internet. Widely ahead of its competition. Facebook has an annual revenue of about 3.7 billion dollars, which mainly stems from advertising and paying games on-site. It has revolutionized the idea of social gaming with hits like Mafia Wars and Farmville.

Finally, its future. It is interesting because the main question about Facebook is whether it will end up like Myspace, or is it too big to fail? Being that Facebook has about 1/7 of the world's population on its site, it would seem rather drastic for the majority of its users to switch. Even so, competitors like G+ have been gaining momentum and are introducing new ideas that Facebook doesn't have. So, Facebook is stuck in a bit of a standstill in where it can go. There isn't much to add on a social networking site, so it basically has to hope that its users stick to it loyally. However, that is only regarding the flagship site. Since it bought Instagram for 1 billion, it seems like a company that could be like the next google for social sites.

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