Facebook Gets Serious – They Want Money

So it appears that Facebook is now growing up. No longer is it an independent social networking site that Friendster and Myspace once were, but now it’s come to the realization that it needs to evolve itself even more to surpass the functionality and audience of its competitor, Myspace.

It’s interesting how three of the biggest social networking sites turned out…first came Friendster, but it’s pretty much gone the way of the dinosaurs. Then came Myspace and soon afterwards reached star status and was subsequently purchased by Rupert Murdoch and incorporates targeted ads and Google searches. So what’s in store for Facebook?

Well not that much new stuff. Facebook has achieved star status and is widely popular among a younger demographic than that of Myspace (Murdoch has been made the site more suitable for older generations now). Not only that, but it is now employing a “Google Adwords-style” advertising mechanism to target ads for their clients. Instead of keyword targeting, Facebook is utilizing its most effective means of audience reach – member profiles. Banner ads will now be placed on Facebook, but targeted specifically to the profiles. So all the information you’ve placed on your profile page will now go into some algorithm to create banners that will reach people with similar interests like you.

By Ken Yeung

Ken Yeung is a journalist fascinated with the tech industry and internet culture. He's currently Flipboard's Assistant Managing Editor, overseeing news curation in technology, science, gaming and health. In addition to his day job, Ken's the co-host of "The Created Economy" podcast, examining the Creator Economy. In a past life, he was a former reporter for VentureBeat and The Next Web, covering tech startups, the industry's innovations and funding.