The Business of… Facebook
As Facebook shoots past the 500 million member mark, Kipp tells you everything you ever wanted to know about the social networking site, but forgot to ask.
July 25, 2010 4:06 by Samuel Potter
Competition? What competition? Like so many online ventures, Facebook has come from nowhere to utterly dominate its field, steam rolling potential competitors into dust.
Like Myspace. Not so long ago, Myspace was the pre-eminent social networking site on the planet. It was founded before Facebook, in 2003, but in April 2008 Facebook overtook the site internationally, and despite numerous site redesigns it continues to lose ground.
For Myspace, read any number of similar social networks, from Friends Reunited to Bebo. All have had a moment in the sun, and all have faded or begun to fade away as the world unites around Facebook (and as Facebook adds new and competing features to its site). But for those networks that have fallen behind there is one consolation. As we reported on Kipp a few months ago, history is against Facebook. No one is on top for long, especially not in the online sphere, and with rumours circulating that Google is preparing its own entry into the social network field, the chances of Facebook reaching the 1 billion mark that Zuckerberg covets are not assured.
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