Facebook

What is Facebook?

            Facebook is an online social networking service. It was named after the “facebook” some American University students are given at the beginning of the academic year which contains photos and personal information.

Founders

Facebook was founded by:

• ·         Mark Zuckerburg
• ·         Eduardo Saverin
• ·         Andrew McCollum
• ·         Dustin Moskovitz
• ·         Chris Hughes

 How it all started: a Brief History of Facebook

Before Mark Zuckerburg attempted to write the Facebook we know and love today, he created a site called FaceMash on October 28, 2003. He was, then, still a sophomore at Harvard University. To create this “hot or not” site, Zuckerburg hacked into Harvard’s server to retrieve private dormitory ID photos. It was not long until he moved on to an even bigger project.

In February 2004, Facebook, then called “the facebook”, was founded by Mark Zuckerburg and fellow Harvard University students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes. The popularity of “The facebook” increased rapidly among Harvard students since it was created. In fact, within 24 hours 1200 students signed up.

The site soon extended to other universities in Boston, and then, all US universities. After August 2005, when the site bought the domain “facebook.com” for $200,000, students from universities worldwide began signing up. The next month even US high school students could join as well.

Since September 2006, anyone (worldwide) with an e-mail address could sign up and millions have joined. Facebook’s popularity is ever increasing and the company is continuously developing by creating and updating the site and Facebook-related apps.

 Services offered by Facebook

Facebook is one of the largest social networking websites. It assists in the wide spread building of businesses through advertisements of the services and products. Facebook offers a great way to build among its customers by offering four main services:

·         Facebook Deluxe

·         Facebook Advanced

·         Facebook Basic

·         Facebook Kick start

FACEBOOK DELUXE

            Facebook Deluxe is for persons or businesses who have large following, several store fronts in different geographical location and are in need of constant monitoring of their page. The deluxe package offers individualized content, posting, interaction, monitoring, rapid response times and management.

FACEBOOK ADVANCED

            Facebook Advanced allows the user to be totally hands-off. It takes advantage of the social delivered team to completely manage an individual’s Facebook interaction including writing, custom content, posting, interaction and monitoring seven days a week.

FACEBOOK BASIC

            Facebook Basic is for individuals who can handle interactions and monitoring. The Facebook team launches or improve your page and provide custom content and consistent delivery of the content.

FACEBOOK KICKSTART

            Facebook Kick start offers the setup of a Facebook business page and two (2) hours of virtual training with a second Media Specialist.

Revenue

HOW DOES FACEBOOK MAKE MONEY?

Facebook earns most of its revenue from advertising. To give you an idea of just how much that is, see the table below.

Revenues (estimated, in millions US$)
Year	Revenue	Growth
2006	$52	—
2007	$150	188%
2008	$280	87%
2009	$775	177%
2010	$2,000	158%
2011	$4,270	114%

Facebook Finance

The total net worth can be summarized as:

-     --  Total assets

  US$ 15.10 billion (2012)

-     --  Total equity

  US$ 11.75 billion (2012)

-       Stock Price (2013)

At the time of writing, Facebook’s stock prick is around $46 a share.

Life Working At Facebook.

As anyone would expect a social network company is one of the most interesting places to work. It can be considered as doing what you love. Facebook hires trailblazers, hackers and pioneers. It is stated that the company employs individuals who can solve challenging problems, make a real impact, build something big and embraces the concepts of working fast, being open and taking risks. The concept of fast for Facebook truly means fast. For instance, it was reported that engineers must have codes live within one week of starting. Interestingly enough, it has been said, that unlike most companies, the main communication among employees of Facebook (at work) is via Facebook.

New Innovations

The newest invention to the Facebook world is the Smartphone App development. The new Facebook Messenger App introduces enhanced speed, function and design. The app is available on Androids to start. The updated Facebook app for Blackberry and Android also makes big promises. The announcement of the upgrade advertises improved data use. Facebook works on enhancing its users’ experience and we can only expect greater competency in the future.