Facebook is one of the world's largest social networking platforms, founded by Mark Zuckerberg along with his college roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes at Harvard University in February 2004. Here is a detailed overview:
History and Growth
- Originally named "Thefacebook", it was launched as a site for Harvard students only. Within the first month, more than half of the undergraduate population had registered.
- Expansion to other Ivy League schools and later to other colleges and high schools followed.
- By September 2006, Facebook was opened to anyone aged 13 and older with a valid email address.
- In 2008, Facebook surpassed MySpace to become the most popular social networking site globally.
- As of 2023, Facebook boasts over 2.8 billion monthly active users.
Business Model
Facebook operates primarily on an advertising-based revenue model. The platform allows businesses to advertise to its users through various ad formats, including:
- Page promotion
- Event promotion
- Post promotion
- Marketplace ads
Features
- News Feed: Displays updates from friends, pages, and groups in real-time.
- Timeline: A chronological view of a user's posts, photos, and life events.
- Messenger: A separate application for instant messaging and voice/video calls.
- Marketplace: A platform for buying, selling, and trading items locally.
- Groups: Spaces where users can share information, organize events, or discuss common interests.
- Pages: Public profiles for businesses, celebrities, and organizations to interact with fans and customers.
- Events: Users can create, manage, and invite others to events.
- Watch: A video-on-demand service similar to YouTube.
Controversies
- Privacy Concerns: Facebook has faced numerous lawsuits and public scrutiny regarding its handling of user data, especially after the Cambridge Analytica scandal.
- Content Moderation: The platform has been criticized for its handling of hate speech, misinformation, and political manipulation.
- Antitrust Investigations: Multiple jurisdictions have investigated Facebook for anti-competitive practices.
Corporate Structure
In 2012, Facebook became a publicly traded company. In 2019, it rebranded its parent company to Meta Platforms to reflect its focus on building the metaverse. Facebook is now one of several products under Meta, which also includes Instagram, WhatsApp, and Oculus VR.
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