In February 2004, the way in which people connect changed forever. Although social networks such as Friendster and Myspace already existed, Facebook’s launch 10 years ago evolved how we connect and, more recently, how we do business. Now, brands have access through Facebook to 1.23 billion monthly active users worldwide.
In 2012, Facebook went public but experienced unexpectedly poor results, but the value of company shares has risen to record levels since then. The company is worth a reported $157 billion, more than many major U.S. companies with histories that are decades longer.
Despite the growing value of the company, what brands need to monitor is whether a younger, growing demographic still finds Facebook enjoyable with the launch of recent, trendier social platforms like Instagram and Snapchat. Simply put, the permanence of Facebook may be partly responsible for teens shying away. Granted teens aren’t the primary household decision makers, their influencers on what their parents buy is worth recognizing and evaluating as brands are deciding what social platform to use.
Having said all that, it’s clear Facebook is taking steps to continue to be relevant, as seen through its recent acquisitions of Instagram and WhatsApp and ongoing efforts to challenge Twitter as the real-time and second screen social platform of choice for consumers.