Facebook is an American online social media and social networking service company based in Menlo Park, California. Its website was launched on February 4, 2004, by Mark Zuckerberg, along with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes.
The founders initially limited the website’s membership to Harvard students. Later they expanded it to higher education institutions in the Boston area, the Ivy League schools, and Stanford University. Facebook gradually added support for students at various other universities, and eventually to high school students. Since 2006, anyone who claims to be at least 13 years old has been allowed to become a registered user of Facebook, though variations exist in this requirement, depending on local laws. The name comes from the face book directories often given to American university students. Facebook held its initial public offering (IPO) in February 2012, valuing the company at $104 billion, the largest valuation to date for a newly listed public company. It began selling stock to the public three months later. Facebook makes most of its revenue from advertisements that appear onscreen.
Facebook can be accessed from a large range of devices with Internet connectivity, such as desktop computers, laptops and tablet computers, and smartphones. After registering, users can create a customized profile indicating their name, occupation, schools attended and so on. Users can add other users as “friends”, exchange messages, post status updates, share photos, videos and links, use various software applications (“apps”), and receive notifications of other users’ activity. Additionally, users may join common-interest user groups organized by workplace, school, hobbies or other topics, and categorize their friends into lists such as “People From Work” or “Close Friends”. Additionally, users can report or block unpleasant people.
Facebook has more than 2.2 billion monthly active users as of January 2018. Its popularity has led to prominent media coverage for the company, including significant scrutiny over privacy and the psychological effects it has on users. In recent years, the company has faced intense pressure over the amount of fake news, hate speech and depictions of violence prevalent on its services, all of which it is attempting to counteract.
Archive | September, 2018
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Facebook Watch is a video-on-demand service operated by Facebook. It was announced on August 9, 2017, with initial availability the day after, and with rollout to all U.S. users by the end of the month. Facebook Watch’s original video content is produced for the company by partners, who earn 55% of advertising revenue while Facebook keeps 45%.
Facebook Watch offers personalized recommendations for videos to watch, as well as categorized content bundles depending on factors such as popularity and social media engagement. Facebook wants both short-form and long-form entertainment on its platform, having a reported total of $1 billion in budget for content through 2018. Facebook monetizes videos through mid-roll advertising breaks, and plans to test pre-roll advertising in 2018. On August 30, 2018, Facebook Watch became available internationally to all users of the social network worldwide.
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Facebook is a social networking service launched on February 4, 2004. It was founded by Mark Zuckerberg with his college roommate and fellow Harvard University student Eduardo Saverin. The website’s membership was initially limited by the founders to Harvard students, but was expanded to other colleges in the Boston area, the Ivy League, and gradually most universities in the United States and Canada, corporations, and by September 2006, to everyone with a valid email address along with an age requirement of being 13 and older.
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Criticism of Facebook relates to how Facebook’s market dominance have led to international media coverage and significant reporting of its shortcomings. Notable issues include Internet privacy, such as its use of a widespread “like” button on third-party websites tracking users, possible indefinite records of user information, automatic facial recognition software, and its role in the workplace, including employer-employee account disclosure.The use of Facebook can have psychological effects, including feelings of jealousy and stress, a lack of attention, and social media addiction, in some cases comparable to drug addiction.Facebook’s company tactics have also received prominent coverage, including electricity usage, tax avoidance, real-name user requirement policies, censorship, and its involvement in the United States PRISM surveillance program.Due to allowing users to publish material by themselves, Facebook has come under scrutiny for the amount of freedom it gives users, including copyright and intellectual property infringement, hate speech, incitement of rape and terrorism, fake news, Facebook murder, crimes and violent incidents live-streamed through its Facebook Live functionality.Facebook has been banned by several governments, including Syria, China, and Iran.The company has also been subject to multiple litigation cases over the years, with its most prominent case concerning allegations that CEO Mark Zuckerberg broke an oral contract with Cameron Winklevoss, Tyler Winklevoss, and Divya Narendra to build the then-named “HarvardConnection” social network in 2004, instead allegedly opting to steal the idea and code to launch Facebook months before HarvardConnection began. The original lawsuit was eventually settled in 2009, with Facebook paying approximately $20 million in cash and 1.25 million shares. A new lawsuit in 2011 was dismissed. Some critics make predictions of Facebook’s end based on the problems which they identify.
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Criticism of Facebook relates to how Facebook’s market dominance have led to international media coverage and significant reporting of its shortcomings. Notable issues include Internet privacy, such as its use of a widespread “like” button on third-party websites tracking users, possible indefinite records of user information, automatic facial recognition software, and its role in the workplace, including employer-employee account disclosure.The use of Facebook can have psychological effects, including feelings of jealousy and stress, a lack of attention, and social media addiction, in some cases comparable to drug addiction.Facebook’s company tactics have also received prominent coverage, including electricity usage, tax avoidance, real-name user requirement policies, censorship, and its involvement in the United States PRISM surveillance program.Due to allowing users to publish material by themselves, Facebook has come under scrutiny for the amount of freedom it gives users, including copyright and intellectual property infringement, hate speech, incitement of rape and terrorism, fake news, Facebook murder, crimes and violent incidents live-streamed through its Facebook Live functionality.Facebook has been banned by several governments, including Syria, China, and Iran.The company has also been subject to multiple litigation cases over the years, with its most prominent case concerning allegations that CEO Mark Zuckerberg broke an oral contract with Cameron Winklevoss, Tyler Winklevoss, and Divya Narendra to build the then-named “HarvardConnection” social network in 2004, instead allegedly opting to steal the idea and code to launch Facebook months before HarvardConnection began. The original lawsuit was eventually settled in 2009, with Facebook paying approximately $20 million in cash and 1.25 million shares. A new lawsuit in 2011 was dismissed. Some critics make predictions of Facebook’s end based on the problems which they identify.
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Facebook Credits was a virtual currency that enabled people to purchase items in games and non-gaming applications on the Facebook Platform. One U.S. dollar was the equivalent of 10 Facebook Credits. Facebook Credits were available in 15 currencies including U.S. dollars, pound sterling, euros, and Danish kroner. It was expected that Facebook would eventually expand Credits into a micropayment system open to any Facebook application, whether a game or a media company application. While the Facebook Credits website is still active, Facebook has announced that it is doing away with Facebook Credits in favor of local currency.Facebook Credits went into its alpha stage in May 2009 and progressed into the beta stage in February 2010, which ended in January 2011. At that time, Facebook announced all Facebook game developers would be required to process payments only through Facebook Credits from July 1, 2011.Facebook retains 30% and developers get 70% of all revenue earned through Credits. Credits is a single currency that can be used in multiple games and applications, and its introduction led former PayPal executives to comment on whether or not Credits could soon replace PayPal as the leader in virtual payments. By the end of 2010, it was expected that Facebook users would purchase Credits to pay for the majority of virtual goods sold on the social network.In March 2011, Facebook created an official subsidiary to handle payments: Facebook Payments Inc.In June 2012, Facebook announced it would no longer use its own money system, Facebook Credits. Users with credits will see them converted into their own currencies. Facebook Credits was officially removed from Facebook in September 2013.
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Facebook Watch is a video-on-demand service operated by Facebook. It was announced on August 9, 2017, with initial availability the day after, and with rollout to all U.S. users by the end of the month. Facebook Watch’s original video content is produced for the company by partners, who earn 55% of advertising revenue while Facebook keeps 45%.
Facebook Watch offers personalized recommendations for videos to watch, as well as categorized content bundles depending on factors such as popularity and social media engagement. Facebook wants both short-form and long-form entertainment on its platform, having a reported total of $1 billion in budget for content through 2018. Facebook monetizes videos through mid-roll advertising breaks, and plans to test pre-roll advertising in 2018. On August 30, 2018, Facebook Watch became available internationally to all users of the social network worldwide.
