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Facebook could make between $1bn and $1.1bn in revenue this year and be a multibillion company in a few years time, according to new reports.
Inside Facebook, a blog that monitors the social network's developments closely, posted the estimated revenues yesterday, referencing various sources.
While the blog initially thought the social networking giant would earn $550m in 2009, it now claims industry sources have said revenues were closer to $700m.
Facebook makes its money through advertising, selling virtual goods to its users and through a Microsoft partnership.
The well-known problem social networking sites have of course come up against is that as soon as they try to make any money out of their massive captive user base, it revolts.
Well, if the figures are correct, Facebook is not doing a bad job, and as advertising gets slicker and users get more used to seeing it alongside their day to day profile information, it has a better chance of making founder Mark Zuckerberg a very rich man indeed in the years to come.
03 Mar 2010
