Social networking sites come of age
November 11, 2008 |17:45 | Websiteis By : Team X
A year ago Mark Zuckerberg was riding high as CEO of the world’s largest social network, Facebook, with his company valued at as much as $15bn (£9.5bn). Twelve months later, things look a little different. Not only are some fans claiming disenchantment with the site but, perhaps more importantly, Facebook appears little closer to turning a profit.
On stage last week at the Web 2.0 summit in San Francisco, one of the year’s most high-profile gatherings for the internet industry, Zuckerberg said his focus was more users, not more money. While the site is exploring ways to generate profits, it is a process he has previously said could take as long as three years.
Growth is our top priority,” he said. “We’re not focused on optimising revenue. Some people have taken that to mean we don’t have a revenue strategy, which is completely wrong [but] on a day-to-day basis there is no thought that we need to justify a $15bn valuation.”
