Mark Zuckerberg, CEO of Facebook, predicts that “social” will rethink industries such as TV, news, music and film.
The clip is a bit long.This is my summary of his key points:
Facebook started their photo product after big names like Flickr were established. Facebook first photo-sharing service was very simple and lacked features like high resolution or sorting, that were available elsewhere. However, you upload a photo and all your friends get it. That is powerful and engaging.
Facebook realized that ”the social feature was most important that all the other features put together.” [...] ”Social rethinks the whole space.”
That is why Facebook makes the platform open for others to build on. Zynga, Playfish and Playdom are examples of gaming companies built entirely on Facebook. Surprisingly, Zynga’s market value is larger than EA’s!
In Zuckerberg’s words, “gaming is just the first vertical to tip” as it happened in many platforms before. Game apps on iPhone and iPads are the most popular. Even for the early PC, one of the things that got PCs to homes were games.
What are the next verticals to come? TV, music, news, movies. Zuckerberg predicts “In 5 years some of these verticals will be completely rethought and their business rebuilt.”
Zuckerberg did not mention Telecom, but hasn’t Facebook already changed the way we communicate? Will “social” transform telecoms even further?
Video found via the Silicon Alley insider.
It is a one hour clip. See minute 16:50 for the topic in this post.