Monetizing Social Media
January 17th, 2008 by Dan
Social Media is the term used to collectively describe a variety of social networking websites. These online services enable people to connect to each other and share important information, innovate and socialize. Mirroring real world societies, these services go beyond real world networking by employing the awesome power of information technology. Today, you can say in touch with friends half way around the world and share information with them through the power of social media.
Facebook is probably the most prominent of the social networking websites. Heralded by some as the next Google with founder Mark Zuckerberg as the next Larry Page, Facebook has literally revolutionized the way the world socializes. Boasting over a million members, Facebook is now being branded as the next Internet marketing frontier.
A far cry from its origins as a college student’s experiment, Facebook recently announced support for site-wide customized advertisements. This feature allows people to buy advertisements on Facebook akin to Google AdWords. However, Facebook does not currently share ad revenue among members. In other words, it doesn’t have a service analogous to AdSense. This may currently be the biggest deterrent to publishers publishing commercial quality content on Facebook.
The real advantage Facebook has over other social media sites is its vast user base. Most of Facebook’s members are well educated professionals around the world, with considerable money to spend. Facebook can potentially become a significant source of money to businesses that can harness its user base effectively. Internet marketers can drive enormous amounts of traffic from interest groups on Facebook to their own websites, thereby creating a new source of visitors and revenue.
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