That statement could not be more correct in today’s context.
Developers from all over the globe today have taken up whole heartedly the invitation given by the rapidly picking up social networking site, Facebook.
Facebook which was launched on February 4, 2004 was founded by Mark Zuckerberg and the site is free to users and it amazingly seems to generates revenue from advertising including banner ads and sponsored groups and revenues.
It has invited external developers to build and fashion cool applications and tools for the site and even better also try to profit from them.
This offer has been taken very positively as since then more than 4,000 such tools seem to have inundated onto the site.
The site is now loaded with every new possible tool, program, double dare tool, applications turning friends to virtual zombies, cool games and tools making sharing personal interests and hobbies with each other interesting and innovative.
This has been a tremendous opportunity for all software developers who are building in new tools and features for Facebook.
This site has all the great qualities of reach, rapidly increasing awareness, innovative style and loads of novel ideas for the growing users.
It is definitely raking in all the big bucks with $30 million in profits on $150 million in revenue. Currently with all the heavy demand and rapidly increasing bids and hopes to acquire it, its value seems to be close to $15 billion.
To add up to this, many software developers are now reporting to be earning huge sums in promotion with the tools that they have created.
Lance Tokuda, chief executive of RockYou, based in San Mateo, California, quotes that the cost would be high for anyone who wanted to buy his 20-person company’s most popular Facebook widget, Super Wall.
If you told me you were going to write me a check for $10 million, I’d say, forget it.
Yet the Silicon Valley venture capitalists are creating funds dedicated fully to investing in the ever growing tools of Facebook.
Not only that but it has been found that this social networking site has brought about new levels of zeal among developers.
Last month, the company’s founder, Mark Zuckerberg, announced a new investment fund, the FB Fund, to give grants of up to $250,000 to developers creating tools for the site to which, Chamath Palihapitiya, vice president for product marketing and operations at Facebook, argues that the high values placed on Facebook tools are reasonable considering what the company is giving entrepreneurs as he quotes that,
For little amounts of money in a short period of time, you can understand whether consumers will adopt your application.
Though there is an unbelievable amount of speculation as to whether the tools would gain popularity as it seems to be gaining or would it be another tool used a wee bit once or twice and would disappear into the vastness of this huge space?
Would it make a difference, an impact and add revenues, I guess we have to ‘face’ them to know.
Till then happy social networking.
Via Source: iht
Image Source: Facebook
