Facebook - Success Story of the Meta-Owned Social Networking Site!

About Facebook

Facebook, a US-based online social media and social networking website is owned by Meta Platforms.  In October 2021, Facebook announced that its parent business will be renamed Meta Platforms

Facebook - Industry

Customers can engage, produce, and share material and information through the social media market, which is made up of sales by entities (organizations, single traders, or partnerships). Social media platform users can exchange photos, videos, and audio clips. 

Facebook - Name, Logo, and Tagline

According to David Kirkpatrick's book The Facebook Effect, the name Facebook was picked because every Harvard student was given one of these, which held images of their classmates and were referred to as Facebook. 

Facebook - Founders and Team

Facebook was founded by Mark Zuckerberg, Andrew McCollum, Chris Hughes, Dustin Moskovitz, and Eduardo Saverin. The Facebook team last registered 71,970 full-time employees in December 2021.   

Facebook - Startup Story

Facebook, a social networking website, was established on October 28, 2003, as "FaceMash" before rebranding as "The Facebook" on February 4, 2004. It was established by Mark Zuckerberg and his Harvard University classmates. The website's designers initially limited membership to Harvard students. 

Facebook - Mission and Vision

Facebook's mission is to give people the power to build community and bring the world closer together

Facebook - Business Model and Revenue Model

Facebook makes money largely through showing commercials from businesses on its Facebook and Instagram apps. According to Meta (Facebook)'s latest financial reports the company's current revenue (TTM) is $120.18 B. 

Facebook - Funding and Investor

Facebook raised a total of 16 funding rounds to date, as of July 12, 2022, which helped the organisation raise over $16 bn. The Facebook investors include Elevation Partners, DST Global, Horizons Ventures, Goldman Sachs Investment Partners and more. 

Facebook - Investment 

Facebook has made 44+ investments in total to date, as of July 12, 2022.  

Facebook - Acquisition

Facebook has acquired a total of 95+ companies to date. The last acquisition of Facebook is presize.ai, which the company acquired on April 14, 2022. 

Facebook - Growth

Facebook is the most popular social media network in the world, with 2.91 billion active monthly users as of the fourth quarter of 2021, which went up to become 2.93 bn in Q1 of FY22.  

Facebook - Competitor

The top competitors of Facebook are technology giants like Google, YouTube, Twitter, Snapchat, Pinterest, LinkedIn, WeChat, Amazon, Microsoft, and Apple.

Facebook - Challenges Faced

The prominence and magnitude of Facebook have prompted condemnation from a variety of quarters. Internet privacy, its face recognition software, excessive data retention, DeepFace's addictive nature, and its function in the workplace, including access to employee accounts by employers, are all challenges. 

Facebook - Future Plan

Following the renaming of Facebook as 'Meta,' the firm will be "metaverse first," according to CEO Mark Zuckerberg, which means you won't need a Facebook account to access other Meta products in the future. “I’ve been thinking a lot about our identity as we begin this next chapter,” he said. “Facebook is an iconic social media brand, but it just doesn’t encompass everything that we do.”