Facebook has a somewhat spotty start to its journey to becoming the most prominent social media website and was started as ‘Facemash’ the sole intention of this site being comparable to the game’ hot or not’ where two college student’s faces were compared and voted on by other students of who was more attractive. After only a few days Facemash got shut down by Harvard University and the creator, Mark Zuckerberg, was nearly expelled for breaching privacy, breaching security and violating copyrights.
Mark Zuckerberg then went on to create his next iteration, TheFacebook.com and as time went on it was shared with ivy-league only colleges and then as time went on the vast majority of all colleges of the US were added. Napster co-founder and entrepreneur, Sean Parker, became the company president and later got its first investment from PayPal co-founder, Peter Thiel.
Later on, the company removed ‘the’ from its title, and purchased the domain ‘facebook.com’ from the AboutFace Corporation for $200,000. In 2005 the Accel Partners invested 12.7 million, and Jim Breyer invested a million of his own. in September of 2005 high schoolers were made eligible to sign up as well as employees of large companies such as Microsoft and Apple Inc and then finally on 24th October 2007 anyone over the age of 13 could sign up.
Facebook and Businesses
With 25 million small business pages and 1.23 billion monthly users, Facebook is an excellent platform for connecting with your target audience. But where do you begin and how can you make it work for your business? The Organisations page is where you go to set up your Facebook Business page but be sure to select the correct page type as the page types can seriously affect your ability to describe your business efficiently. In 2007 Facebook rolled out the Organisation page in which business can set up a page all about the product they’re selling but had more features beyond a typical user’s account that help that business out.
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Facebook and Advertising
In such a challenging social media environment, Facebook marketing gives advertisers the ability to get their messages to the correct people in a fun and interactive way. This is especially useful, given the increasing number of restrictions imposed on organic content.
Facebook Ads help you to reach out to people based on location, age, sex, interest and much more, with frequent updates on how well your ads are performing.
This information is very valuable to advertisers: the global online advertising industry is worth a vast amount of money: $88 billion (£68 billion) in 2017, an increase of 21 per cent on 2016, according to a PwC report for the Interactive Advertising Bureau. In 2017 Facebook made just under forty billion dollars from ad revenue. Facebook is now one of the largest online advertising sites after Google. With ads emerging naturally in a user feed, you might have already participated in a post without knowing that it was, in fact, an advertisement.
- Facebook’s current network is valued at over 500 billion boasting 2.41 billion active monthly users.
- Facebook is the third most visited website beaten only by Youtube and Google.
- Only around 10% of users come from the US and Canada while Asia-Pacific has more than 41% of the total but to add some contrast 47% of total ad revenue comes from America.
- There are 90 million small businesses operating on Facebook most of which are using free avenues for advertising. While the reach for these is not as extensive a business doesn’t need to use advertising to generate revenue for itself. Only 24% of businesses use Facebook Ads.
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