Saturday, July 13, 2019

Is it Business as Usual for Facebook?

As social media sites go, Facebook is no spring chicken. Founded way back in 2004, the site is now entering its teens. It’s still the most popular social media site with  2.38 billion monthlyactive users.

Facebook Has Had Growing Pains

It hasn’t all been plain sailing. Several scandals have rocked the site over the last few years. That there are serious privacy concerns is clear. Mark Zuckerberg, at the helm of the company, admits that.

In his defence, though, he also states that no one could have foreseen such complications when the site was first envisaged. That it has exceeded the founder’s wildest expectations is clear.

There’s also been infighting between the co-founders, Mark Zuckerberg and Chris Hughes. Hughes recently called for the company to be broken up. He feels that Zuckerberg currently exerts too much control.

He believes that the company has strayed far from the intent with which it was created and focuses too much on earnings. Other critics paint an even bleaker picture. Some believe that Facebook is stifling the industry, and that it buys its competitors out rather than innovating.

Overall, critics believe that Facebook is creating something of a monopoly in the social media sphere. It’s difficult for competitors to compete with them directly as a result.

Are Changes on the Horizon?

Change is inevitable. Whether it’s going to be possible to unbundle the company or not is something that is open to debate. Where would you even start?

The fact that the company is such a dominant field in the area could be a way for the federal government to intervene. It could arguably file a suit forcing the company to break off into smaller divisions. It’s not something that is done often, but it might become necessary.

Facebook, it seems, is not interested in splitting up. The company has argued that better internet regulation is a far better way forward.

What is clear, though, is that Facebook does have to take a firmer stance when it comes to privacy issues. The company has weathered the fallout from the privacy scandals over the last years, but the public is becoming a lot less forgiving of them.

Is the Site Still Relevant?

The site does have something of an image of being a golden oldie. The younger generations are moving to more visual sites like Instagram. They tend to see Facebook more as a site for their parents and grandparents.

So whether it’s any good for your business or not will depend on who your target market is. Instagram has become extremely popular with marketers, and is a site that has shown exceptional growth over the last few years.

Many businesses are opting to run pages on both platforms. And, perhaps that’s a good way to go here. After all, both sites are popular, and both are very different. Facebook might not be as hip and happening as Instagram, but it still has a lot of value to offer.

Final Notes

Will Facebook charge on into the future? If Zuckerberg and his team have anything to say about it, most definitely. Facebook is not likely to be its generation’s My Space.

What will be interesting to see, though, is what form it will evolve into. Privacy concerns mean that it can’t simply carry on as it has been. What effect the changes will take remains to be seen. 

Click here to learn more about Facebook.


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