Facebook is shuttering its Credits system for online payments across the social network, replacing it with local currency and a new subscription payments option.
"Since we introduced Credits in 2009," Facebook's Prashant Fuloria told developers, "most games on Facebook have implemented their own virtual currencies, reducing the need for a platform-wide virtual currency."
Facebook's mobile ads are performing significantly better than its desktop ads, according to multiple studies released Tuesday. That's great news for the social network and its investors, who have worried about the company's revenue prospects as its 900 million-strong user base shifts more of its time to mobile devices.
At the beginning of the month, Facebook began allowing advertisers to purchase Sponsored Stories solely on mobile devices for the first time. Sponsored Stories are posts companies and individuals have paid to highlight in the News Feeds of its fans and their friends (see right screenshot).
Nadim Hossain is currently the vice president of marketing at PowerReviews, a social commerce platform recently acquired by Bazaarvoice and used by leading brands such as Dillards, REI, Toys "R" Us, and Staples. Follow him on Pinterest @nadimhossain.
Since the dawn of companies like Twitter, one question has baffled marketers: How do we demonstrate ROI in our social media strategy? For example, we know that Facebook "likes" don't equal sales. So what's the alternative?
Facebook on Tuesday announced it will soon offer app developers the ability to charge for subscriptions, opening up another revenue stream for the
newly public company.
The move, announced on Facebook's Developer Blog, will let makers of apps — particularly gaming apps — cultivate another source of recurring income of which Facebook will get a 30% cut. Such subscriptions will be priced in local currency (example: the U.S. dollar or the British pound) rather than in Credits. As Facebook admits in the blog entry, Credits haven't become the standard method of payment since most games on the platform have implemented their own virtual currencies.
Recently, we shared LUMA Partner's insane infographic showing how complicated social media has become. The post received a lot of feedback, largely centered around what was missing. There were a few major social media outlets that seemed near impossible to miss, mainly 2012's darling child Pinterest.
The largest problem with LUMA's graph was that it was created in June of 2011, long before Pinterest became nationally popular.
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