With over 800 million users already, Facebook has already become the internet’s largest social network and they are pushing to become more that that. Recently, Facebook announced that they are pushing to become a media hub by including all other aspects of your life, such as what you are watching, reading, buying, and listening to, into your Facebook profile!
I think Facebook has created a great strategy because they can build huge partnerships with companies that distribute entertainment and news. In a world where innovation is skyrocketing at the moment, I think that this new idea can change the way people purchase music and movies. By sharing and recommending movies or music, Facebook users can substantially increase sales revenue for entertainment companies such as Warner Brothers, Miramax and Lions Gate Entertainment. They will allow Facebook users to watch movies online, using Facebook’s virtual currency called “credits”.
However, this strategy can raise some challenges for Facebook since some users may not like this idea of sharing even more of their life on Facebook. The turnout remains to be unknown, but what do you think of Facebook’s idea of becoming a “tastemaker”?