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. The major reasons that it pointed are (1) The company missed the profit projects for several quarters, (2) Company has been unsuccessful in raising fresh round of equities, (3) Existing investors are not ready to infuse further capital, (4) Only 8 million out of the 20 million registered users actually use the application and (5) the company generate only $2 million in revenue though it is the fourth year of its existence. (Wallstreetoasis, 2013) The second and third point can be ruled out now as the company had already bagged out a good deal in April. But the number of active users and the revenue target is really a cause of concern for Foursquare in the coming days. The inactive users and poor revenue figures can bring down the valuation of Foursquare. Business Model Foursquare does have a good business model in place. The appropriate channelization of the elements of the model is what is required to insulate itself from the risk factors. Foursquare’s business model is to connect local businesses to its customers. The company is planning to use new platform called location layer in order to boost the location sketching. It provides ad spaces for the merchants to place their ad banners on the website. This can enable the merchants to have better reachability to the customers. The ads can also be customized based on the search results of the visitors. This business model can work well for Foursquare and can help them in boosting the revenues and valuation in the future. Future of the Business Though the company received funding, the future of the business is unclear. It is also very early to conclude what actions the company might take because the funding was received only in the mid April 2013. Another reason for this unclear situation is the fact that Foursquare is still a privately owned company and there is less obligation for it to disclose matters to the public. For Foursquare, expanding their location based application in the coming years is like the same way Google revolutionized web search. As of this month, almost 1,300,000 businesses and 33,000,000
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…
Even elementary school classrooms are becoming more globalized with the adoption of 'sister schools' on other sides of the world connected using the basic tools now widely available on the world market. It is no surprise with all these changes to realize that the world of public relations is also changing.
Social media denotes to the channels of interactions amongst people wherein they generate, share, as well as exchange ideas and information in simulated networks and communities. This paper will discuss what Social Media entails. The topic is relevant because Social Media is a topic, which is extensive and it is more of a current phenomenon as it affects and integrates all aspects of the contemporary society.
The Internet has also changed how people do business. This is because nowadays it is easy to transact via the Internet without having to travel to the location of the business. For example, with the Internet, it is possible for an individual to shop online as well as order products and pay online without necessarily having to travel.
Majority of the organizations on the other hand, tend to lie unsure of how to develop effective social media policies. Instead, many organizations either simply prohibit social media use altogether, or have no policy regarding social media use. Both of these approaches are unsatisfactory.
This essay will generally discuss the social media Facebook, Twitter, iPhone, blackberry, TV, and all other media. It will also discuss how social sites have gained diverse usage among different aspects of life. Facebook had 350 million users with a monthly traffic of 117 million. Twitter had 18 million users and a monthly traffic of 23.6 million.
Social media especially derives its importance from the fact that it depicts the voice of the society at large. Irrespective of what is portrayed in the biased TV channels or other controlled sources of information, people are free to express their opinions over the social media. This feature of social media is particularly helpful for conducting surveys to learn the opinion of the masses.
In many situations, social media platforms customarily comprise of websites, forums, applications as well as social networking sites. Similarly, social media encompasses social curation; wiki’s and microblogging. Some prominent examples of social media
As much as values around the world put more emphasis on the individual traditions, beliefs and standards that make them unique; the social network connects people from the different cultural background.
Social network is vital