New numbers are coming in as the social network, Facebook continues to expand rapidly and amass users. As of the latest analysis, the social network might end up raising more than the $700 million that were initially expected for year 2010. If this turns our true, we might have the social network hitting past the $1 Billion revenue range and that it might actually have bagged the predicted $700 million in 2009. Wow and I bet many folks out there are already trying to apply the Facebook model to their own setup.
The social network as we have been talking about has raised revenues from the content and activity on its platform. Be those ads by Microsoft which it has eventually pulled from the US, via brands on Facebook to selling virtual goods via crazy apps like Farmville and God knows what else. The virtual good market has already pushed past $10 Million since the boom late last year. Other than this, the social network is definitely getting serious about minting some revenue and keeping a firm grip on revenue matters itself. It has boosted its staff, which can very well mean that they will have more people working to enhance the advertising on the platform and devise strategies for the same. Other than that it has already got Facebook Credits system which take away around one third of what ever transaction is made using those.
The sad part is that the social network still has a lot to do when it comes to being profitable. What I would really love Facebook to get a break with is that the social media actually hits hard on some beneficial revenue model it could help many at large, especially those apps from lone developers. But seriously there is a lot that Facebook can do and profitability is just a very small part of it.