Facebook’s Inspiring Journey From 2004 To 2017 And Unbelievable Future Plans
Facebook has an unbelievable and an inspiring journey that motivates us to work hard till we achieve our goals. The future plans of Facebook signal towards a similarly inspiring journey. Facebook also shows the future of social networking is bright and ever growing. So on 13th Birthday of Facebook, this is our tribute to them.
It is the next major internet market player, after Google. We all know what Facebook does, connecting friends, people from different corners of the world. It is not only the fastest growing platform, but it is also trying to bring the remote areas of the world to the internet by providing people a reason to be there.
1. How This Social Media Giant Came Into Life?
2003: Facebook’s journey started when Mark Zuckerberg developed ‘Facemash’, which he coded in his second year at Harvard University. The website got popular within Harvard and ‘The Harvard Crimson’ (Daily newspaper of Harvard University, entirely handled by Harvard Undergrads) as it published that Facemash was comparable to Hot or Not (the popular website of that time).
Later on, Facemash was shut down by Harvard Administering Committee.
2004: In January 2004, Mark started working on ‘thefacebook’, which according to him was inspired by ‘Facemash’.
On February 4, Mark launched ‘thefacebook’ which was registered as thefacebook.com. Just six days after launching it, Mark was accused by his Harvard seniors Cameron Winklevoss, Tyler Winklevoss, Divya Narendra for using their idea for creating ‘thefacebook’. Later on, the lawsuit was settled in 2008.
Just within one month of the launch, ‘thefacebook’ gained immense popularity in most universities of the United States and Canada. Eduardo Saverin (Business Aspect), Dustin Moskovitz (Programmer), Andrew McCollum (Graphic Designer) and Chris Hughes joined Mark and helped him in developing ‘thefacebook’. By the end of 2004, ‘thefacebook’ reached the milestone of 1 million monthly active users.
2005: This was the year in which ‘thefacebook’ was renamed to ‘Facebook’. The website got a few investments as well.
Facebook also increased its membership access to the employees of Apple Inc. and Microsoft. In the same year, Facebook Photos was introduced allowing its users to upload photographs. By the end of 2005, Facebook had the user base of 5.5 million.
2006: Facebook opened its gate for everyone who attained 13 years of age with a valid email address. Earlier it was open for students only. The same year, Facebook launched its official app for mobile devices running on Java, Andriod, iOS.
2007: Microsoft invested in Facebook, by purchasing 1.6% of its shares for $240 million. Facebook also introduced App Development feature, which allowed 3rd party developers to make an app on Facebook which could access the users’ data according to the app functionality.
2008: Facebook introduced Facebook chat, with which the users could chat into a private network with their Facebook friends. By the end of 2008, it achieved more than 100 million monthly user base.
2009: Facebook became the most visited social platform around the world, with more than 350 million monthly users by the end of 2009.
2010: Facebook was valued at $41 billion by this year. It also introduced Privacy feature, which allowed its users to share content with the people they want. Facebook reached a user base of 600 million people per month.
2011: Facebook started removing more than 20,000 profiles on a daily basis because of spamming and violation of the terms and conditions. It also made many changes in the presentation of the News Feed and user Profile page. It reached the user base of 845 million by the end of the year.
2012: Facebook applied for an IPO, valuing stock price at $38 per share. The company was valued at $104bn. Facebook bought Instagram (Social Photo Sharing app) for $1bn. Facebook made major changes in Privacy Settings to secure its users’ profile in a better manner. It also launched its App Center (platform for apps and games on Facebook) where the third party developers can come on a common platform to develop or cast their app.
2013-2017: Facebook featured on the Fortune 500 list in 2013, ranked at 462nd position. Facebook also worked on spreading the internet to the remote areas via Internet.org. Facebook, during the period, made many UI changes, introduced live video feature, reactions reply, and many more features.
2. Growth Rate Of Facebook
Facebook is showing tremendous potential in social media market. Here are some recent facts realized by Facebook:
1. The very recent update from Facebook claims that it has over 1.86 billion monthly active users, which is a 17% increment from last year.
2. There are 1.23 billion users, who log into Facebook daily.
3. Five new profiles are created every second on Facebook.
4. Facebook is expected to reach the figure of 3.5 billion monthly active users by 2020.
5. There are 1.15 billion users accessing Facebook via phone on a daily basis.
6. 29.7% of the users base belongs to the people aged between 25-34 years.
7. 300 million photos are uploaded daily.
8. 50% of 18-24yrs old users check Facebook when they wake up.
3. How Does Facebook Make Its Money?
Facebook makes 85% of its revenue through adverts. With 1.86 billion active users, there is a great consumers base available with Facebook. There are three ways you can post Facebook ads on their website- Sidebar ads, Sponsored Stories, Promoted post.
Sidebar ads, which appears on the side of the site costs around $1-$5.
Sponsored Stories, which appear on users News Feed costs around 50cents per click because of higher engagement rate.
Promoted Post, typically costs around $5 per 1000 clicks.
Many major brands also promote their brand on Facebook and Facebook earns a lot from them- Ford, HSBC Bank, Starbucks, Google, Zynga, etc.
There are other ways also through which Facebook makes money like App Center, etc.
4. Future Goals Of Facebook
1. Oculus: Facebook acquired Oculus in 2014 because Virtual Reality has a potential to open many innovative marketing opportunities. 360-degree videos are already trending, which looks tremendous on VR Headset.
2. Internet.org: This is a Facebook’s initiative to get the whole world on the internet for better communication. Wires and signals don’t have reach everywhere so Facebook is developing on high-tech drones which can throw beams to give internet access in remote areas. Facebook is testing it from a long period of time, and so far made a good progress also.
3. Video Streaming App for TV: Recently, a news was leaked that Facebook is working to introduce its Video Streaming App for Apple TV. This is not only going to make a huge competition in streaming market but the huge video ad revenue will be generated for facebook.
4. Artificial Intelligence: We have recently seen Mark showcasing his personal assistant Jarvis, who can do the many commanded things over voice command. Jarvis like AI technology is expected to arrive soon, to ease human tasks.
5. Aquila: Aquila is an astral plane which uses solar energy from the sun to perform its functions. Aquila will help Facebook to provide internet access to remote areas. Aquila is a lightweight plane which works on minimum power, hence power derived from the sun is enough for it to function. First test run of Aquila was successful too. Hence you can see the internet access all around the world soon.
6. Augmented Reality: Augmented Reality is two-step forward than VR. VR Headset is easy to make and it is present ready technology which doesn’t require much of an investment, but AR is a future technology and high investment is needed to develop it. AR will take at least five years to get user ready.
Also published on Medium.