Facebook caps big year with prestigious award
Wednesday was a big day for popular social media website Facebook Inc., which is in the middle of unveiling a slew of changes to the site.
First, founder and CEO Mark Zuckerberg was named Time magazine’s “Person of the Year.” Zuckerberg created the site as a sophomore at Harvard University in 2004, and Time estimated users now post a billion pieces of content every day.
Zuckerberg has been a figure of controversy and success this year as the subject of the movie “The Social Network,” which portrayed him in a negative light.
Then, a Bloomberg report on Wednesday said Facebook is likely to generate $2 billion in revenue in 2010. Official numbers are hard to come by, as the privately held company doesn’t disclose revenue. Bloomberg cited people close to the company.
The site has more than 500 million users, making it attractive for advertisers such as Coca-Cola Co. and JPMorgan Chase & Co. The site ranks No. 3 behind Google Inc. and Microsoft Corp. in users.
“The love affair of consumers with social networks is an abiding one,” said Karsten Weide, an analyst with IDC in San Mateo, Calif., in an interview with Bloomberg.