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Social media vehicle: Foursquare - Essay Example
Pages 3 (753 words)
Foursquare Growth History Foursquare is a web and mobile oriented social networking website which was founded in the year 2009. This New York headquartered website is mainly based on location sketching. The company was reported to have had 20 million users as of 2012…
Foursquare was a small website in the initial years of its launch. But they started experiencing huge rise in its growth rate ever since it changed its location model. As per the new model, it was available to check-in from anywhere in the world. Reasons for Growth/Decline The company started tasting immense success ever since the day they changed the primary technology base. The main reasons for the growth of Foursquare is the fast growing smart phone market and the growth of geo-location marketing. (Young, 2011) Also, Foursquare is one of the few players in this arena. The company recently bagged a $41 million deal from Silver Lake Waterman. The deal is more like a loan from Silver Lake. “The company is trying to change from being a niche, location-based social network to something more pervasive and powerful.” (Newyorker, 2013) Foursquare is in fact the third most popular mobile social application after Facebook and Twitter. With the new funding of $41 million dollar the company is going to invest strategically on its growth in the coming years. This will begin right from the recruitment of fresh sales and engineering talents into the company. Risk Factors While Foursquare has been a success story in the social networking space, the sustainability of its success is being questioned by many experts. The famous private company research firm Privco said that Foursquare will fail in 2013. ...
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