Today Facebook is the sixth most valuable public company in the world,
with a market value of around $325 billion. Last year it had revenues of
$18 billion, more than double two years earlier.
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Facebook also focused on engineering a highly addictive product that
people would come back frequently to check. This meant investing in
perfecting algorithms that surfaced relevant content for users. Today
Americans spend 22% of their mobile-internet time on Facebook’s flagship
social network, compared to 11% with Google search and YouTube
combined.
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The most important factor in transforming Facebook into a huge business
is the amount of data it collects. Users willingly share lots with
Facebook, such as their interests, biography, location and friends.
Facebook can also track where else users travel online: anything with a
“like” button feeds back information to Facebook, as do other sites that
let people use their Facebook credentials to log on. No other web
company, with the exception of Google, has as much data about users as
Facebook collects. This is the foundation of Facebook’s success.
Advertisers are able to reach users with great precision, based on what
Facebook knows about them, and are spending a huge share of their online
advertising budgets on the social network.
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Facebook has cleverly snapped up would-be competitors, buying Instagram,
a photo-sharing site, in 2012 and WhatsApp, a popular messaging
service, in 2014. This has only increased the amount of time and
information Facebook claims.
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