Facebook celebrates its 10th birthday. What does the future hold for the king of social media?
Mark Zuckerberg’s social network has grown from his dorm room to now having over a billion users and remains one of the most popular websites on the internet.
Many people have seen The Social Network and whether you have a profile or not, Facebook has become a key part of how our generation keeps in touch with their friends and sharing their lives and interests with their networks. The social network has grown from way more than a student club with people showcasing gourmet burger triumphs, holiday photos or the latest viral video. The user demographic is now more varied than any other social network, with an increasingly mature and more diverse demographic.
Although the growth of teenagers joining Facebook has declined in recent years, the younger generation will be growing into adulthood with Facebook being involved in their lives and a part of the future generation.
Facebook has become a massive marketing potential for businesses as well, with 25 million business pages on the social network, this has now become a significant marketing channel for many businesses to grow their audience and customers. The social media marketing opportunities can be focused across many fields such as content marketing, reviews, promotion, brand reputation or community management through your profile or the paid advertising to a certain demographic.
But how has Facebook kept the top spot? Normally in this social media game, a new start up comes along with a fresher idea which everyone gravitates towards. Facebook has managed to stay relevant: even with the growth of Twitter over the past five years, Facebook has constantly evolved its offering and integrated (some might say copied) features that have worked well on other sites; whether it be location-targeted posts (the main source of hype about Foursquare), or, more recently, introducing hashtags, which is a core feature of Twitter posts.
Facebook is constantly evolving its platform to make sure it keeps ahead of the competition. If its ambitions to stay fresh weren’t clear enough, they bought the popular photo sharing platform Instagram for a billion dollars in 2012 and also went head to head with Vine by releasing the video sharing option. They also recently tried to buy Snapchat for $3 billion but they were quickly turned down. These attempts clearly demonstrate Facebook’s ambition for full social media coverage.
So Happy Birthday Facebook! We expect you to reign for a long time.