So, as you’ve probably heard, Facebook had its IPO and it was… disappointing, to say the least. It came to market in a weird way, didn’t blow up like it was supposed to, and even decreased in value. And, you’ve probably also heard that Facebook is getting sued. In case you didn’t, basically they’re being accused of being somewhat underhanded in reporting their income and Morgan Stanley might have known about this and misled investors. You know, the same type of stuff that you hear all the time about every company ever.
So, as you’ve probably heard, Facebook had its IPO and it was… disappointing, to say the least. It came to market in a weird way, didn’t blow up like it was supposed to, and even decreased in value. And, you’ve probably also heard that Facebook is getting sued. In case you didn’t, basically they’re being accused of being somewhat underhanded in reporting their income and Morgan Stanley might have known about this and misled investors. You know, the same type of stuff that you hear all the time about every company ever.
Now, I work for a Social Media Firm and I therefore have a vested interest in social media doing well. So, you might expect me to minimize this stumbling block in Facebook’s path. I’m not going to do that. It is a mistake and pretty bad. Facebook has already had a black eye when GM pulled their ads just before the IPO, so this was digging the hole even deeper.
With that being said, I think any rumors of Facebook’s demise are greatly exaggerated. After the sad hilarity of Enron and Worldcom, this level of financial chicanery is almost quaint. Facebook is still huge and, while it may not actually be making a lot of money and it makes some odd financial decisions from time to time, but, well, it’s mostly doing fine. Facebook is going to move on.
Then again, I could be wrong. I doubt it, but it has been known to happen. If Facebook does start to fade, what next?
Would Social Marketing die? Of course not. Even if this were Facebook’s swan song, there are tons of other great social media sites out there that would replace. And they’re effective. They just released that Pinterest drives more online sales than Facebook. There’s a plethora of social networking sites waiting in the wings. It will continue and it’s sure to be a hell of a ride.
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