True to our mantra for this blog: Online efforts that make money. Many fancy things out there, but this blog will do its best to focus on one very important aspect: Where is the money.
In light of the 5 year anniversary of Facebook, it only makes sense for us to analyze where the money is here after their meteoric growth to a mere 150 million users.
Preface:
One "follow the money" story starts with Suleman Ali, a bored programmer at Microsoft who decided to quit his job in Redmond and do his own thing in CA's silicon valley. Just when he was getting started on creating a product, Facebook comes out with their application development platform in May 2007. This opportunity inspired him to create an app called Superlatives, where users can rate their friends according to objective (being facetious) criteria like "best looking" or "worst friend". His subsequent company called Esgut created many other applications and grew their user base to 9 million and generated ad revenue. 9 months after the first application, Ali has sold to CA-based SGN for "several millions" - exact amount cannot be disclosed.
Opportunity:
There is a lot of debate and noise out on the web that Facebook is growing out of its childish shell to become a business based network, where professionals can network, find jobs and share business leads. The bulk of the Facebook applications are interesting for the target audience of teenagers. Very few would target real business users who are looking to network. What are those applications that great sites like LinkedIn would love to have, but cannot because their application platform is not open or developer friendly as Facebook's?
Whaddayathink?
Please comment. Is this a good idea or bad idea? Is there money in developing professional apps for professional Facebook users?
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Yes, there should be a money-making app for facebook. Instant Surveys? Resume writing app? Not sure what, but as Groundswell says, "Traffic=money."
ReplyDeleteWhat about contact management software? One of my frustrations with LinkedIn, is that once you found a contact, you cannot track the number of times you spoken with this contact and what you need to do to follow it up. With 150Million on Facebook, there may be only a small chance that someone you need is NOT on facebook.
ReplyDeleteFacebook and Linkedin are minefields. I want an app. to block people from writing on my wall on Facebook, for one. I don't want some old high school flame putting down low key booty calls for all to see. Linkedin is the same in a way. I'm find with some people I don't know that well being in my network for now, but if they keep forwarding me shite, I want a way to have my real Linkedin network of highly trusted friends and another "public" or whatever Linkedin for my general contacts
ReplyDeletecraig - Why not "unfriend" them if they don't add value for you?
ReplyDelete