Modern devices today especially smartphones are vital to the tectonic shift taking place in both the business and media world. This is because what you do with your smartphone while at the train station while waiting for a train, avoiding your daily chores, idling around or probably at the bus station waiting for a bus is helping a company raise revenues and incur profits. This is the case for Mark Zuckerberg’s Facebook where most people spend time on. For this reason, Facebook is the leading brand ahead of other companies involved in technology. An article from New York Times states “Facebook revenue was up over 50 percent from a year earlier, while its net income soared nearly 200 percent. Its stock leapt on Thursday as the wider market fell. Facebook’s blowout financial performance stood out because Apple, Twitter and Alphabet, Google’s parent company, all reported disappointing first quarter numbers.”
Article source: http:// www.mobile.nytimes.com/2016/04/30/upshot/how-youre-making-facebook-a-money-machine.html (Link to an external site.)
Evaluation
In my opinion, Facebook, being the world’s largest social media site, is a natural monopoly with over 1.4 billion users and is overwhelming fellow competitors such as Twitter, Instagram, Apple as well as Google. Being a natural monopoly makes it a good investment in terms of profitability as well as stability. It is purchasing competing apps as way of moving to individual to individual messaging as well as allowing users to share new experiences. Despite having competitors such as Myspace, pin interest, google plus just to mention but a few, Facebook is still leading with amazing designs unlike Myspace’s obsession with personalization. Facebook therefore continues to benefit daily due to having one clear platform for its development hence occupying a major spot in connected world as people keep using it more than other social media sites. It is also safe to rank it as an oligopoly since it dominates the social media world followed by competing companies such as Google and twitter who use the same platform hence creating a competitive environment. The matter is of great importance as the world is going digital and consumers need to be made aware of the best social media platforms to use that will help secure their personal data as well as enhance effective communication since consumer is the king. I agree with the author’s idea of someone developing a new and enticing network to give Facebook a run for their money.
In conclusion, the world is rapidly advancing with the changes in technology. Technology companies should therefore develop new sites that foster competition or advance their features for them to compete favorably with competitors such as Facebook.
Facebook reference: https://www. developers.faacebook.com/docs/graph-api/reference (Link to an external site.)
