Earlier this week it was reported that an investment in Facebook now values the company at £32 billion. This means the social networking site is now worth more than Ebay, but what does this mean for Facebook’s development and its competitors?
As well as the substantial investment Mark Zuckerberg, Facebook’s CEO, was voted Time’s person of the year in December, after being judged to have had the most influence on events in 2010. Richard Stengel, editor of Time, said Facebook had transformed our lives and was “affecting human nature in a way that we have never even seen before”. It appears that Facebook is continuing to elevate itself and its efforts to shape the way we communicate with each other are being rewarded.
Mashable have suggested that Facebook will now focus on growing their team and finding new premises, and users are likely to see lots of new features in the coming year. In 2010 alone we saw the launch of Facebook places, a new layout, improved privacy settings as well as some other, smaller features. At Sign-Up.to we’re looking forward to seeing what they’ll do in 2011.
But what does this mean for other social networking websites? Unfortunately it appears that Myspace will continue with its decline. The Telegraph this week have reported that Myspace are about to downsize and be left with ‘skeleton staff’. Mashable have also predicted that a social network launch by Google will fail, in the same way Buzz quickly demised. Twitter, on the other hand, appears to be going from strength to strength and ended the year announcing that 25 billion tweets were sent last year. As well as this there are now over 100 million Twitter accounts.
It’ll certainly be interesting to monitor Facebook’s activity post-investment, as well as watch the reactions of competitors such as Twitter and Myspace. While it’s not clear what’s to come from Facebook, it’s been predicted that we’re likely to see the announcement of 600 million worldwide users very soon. What are your social media predictions for 2011? Share your thoughts in the box below!