It’s official. Facebook is no longer a social media platform. Facebook has officially been declared an advertising firm by quartz.com in their article: How Mark Zuckerberg Plans to Make Money with Facebook Pay.
Yes, Facebook happens to run a couple of small social media platforms too, but 98% of their $56 billion dollars in revenue comes from advertising revenue, not the family-friendly social universes they helped create and shape, nor the crypto-currency attempt that seems to have been still-born.
Proving again that he’s still the wiz-kid everyone grew up to love, Mark Zuckerberg is moving more and more into finance. Remember, the money’s in the money. Banks and stock markets have always known that. Now social media knows it too.
Don’t hold your breath, though. Facebook has taken on so many functions and gimmicks that it’s become cumbersome at best and Facebook Pages has never functioned at 100%. It will be interesting to see what Zuckerberg’s team comes up with next, but you can “bank” on it being more complicated.
Goodbye social media. Hello, high finance.
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