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Facebook is an online social media and social networking service owned by Meta Platforms. Founded by Mark Zuckerberg, along with fellow Harvard University students and roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, it launched on February 4, 2004.
Originally limited to Harvard students, Facebook rapidly expanded to other North American universities, then to high school students, and eventually became available to anyone aged 13 and older worldwide. By 2023, it was the world's most popular social media platform by number of active users.
Facebook allows registered users to create profiles, upload photos and videos, send messages, and keep in touch with friends, family, and colleagues. Users can join groups based on common interests, and 'like' pages, which are typically maintained by celebrities, businesses, and organizations.
History
Facebook's origins trace back to Facemash, an online "hot or not" style game created by Mark Zuckerberg in 2003 while he was a student at Harvard. It used photos compiled from the online facebooks of nine houses. The site was quickly shut down by Harvard administration.
Inspired by the Facemash incident and the need for a campus-wide directory, Zuckerberg began work on "TheFacebook". He was helped by Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. The site officially launched as TheFacebook on February 4, 2004.
Initially, membership was restricted to Harvard students. It quickly expanded to other universities in the Boston area, then to the Ivy League, and eventually to most universities in the United States and Canada. In September 2006, Facebook was opened to everyone aged 13 and older with a valid email address.
In 2005, the company dropped "The" from its name, becoming simply "Facebook". Over the years, it introduced features like the News Feed (2006), the Like button (2009), and significantly expanded its mobile presence.
Facebook held its IPO in May 2012, valuing the company at over $100 billion.
On October 28, 2021, Facebook's parent company was rebranded as Meta Platforms to reflect its focus on the metaverse, though the Facebook social network retained its name.
Features
Key features of Facebook include:
- Profile: A personal page where users can share information about themselves, post updates, photos, and videos.
- News Feed: A continuously updating stream of content from friends, groups, and pages that a user follows.
- Friends: Users can connect with others by sending and accepting friend requests.
- Messaging: Private communication with individuals or groups through Facebook Messenger (often a separate app).
- Groups: Communities where users with shared interests can connect, discuss topics, and share content.
- Pages: Profiles for businesses, organizations, public figures, and causes, which users can follow.
- Events: Tools for creating, inviting people to, and managing events.
- Marketplace: A platform for users to buy and sell items locally.
- Watch: A video-on-demand service featuring original content and videos uploaded by users and publishers.
- Reactions: Beyond the 'Like' button, users can express various emotions (Love, Haha, Wow, Sad, Angry) on posts.
Facebook uses complex algorithms to personalize the content shown in each user's News Feed, aiming to show content the user is most likely to engage with.
Business Model
Facebook's primary revenue source is advertising. The platform collects vast amounts of data on user interests, demographics, and online behavior, which it then uses to offer highly targeted advertising to businesses and marketers. Advertisers can target specific groups of users based on criteria such as age, location, interests, relationship status, and browsing history.
Other revenue sources include payments from developers who create apps and games on the platform, and revenue from hardware products (like Portal devices, though less significant than ad revenue).
Usage and Impact
With billions of monthly active users, Facebook is one of the most influential platforms globally. It has significantly impacted:
- Communication: Changing how people connect and interact with friends and family, making it easier to maintain relationships across distances.
- News Consumption: Becoming a major source of news and information for many users, though this has also led to challenges regarding the spread of misinformation.
- Politics: Playing a significant role in political campaigns, discussions, and social movements worldwide.
- Business and Marketing: Providing businesses with powerful tools for reaching customers through Pages and targeted advertising.
- Social and Cultural Trends: Facilitating the spread of memes, viral content, and cultural phenomena.
Criticism and Controversies
Facebook has faced extensive criticism and numerous controversies throughout its history, including:
- Privacy Concerns: Criticized for its handling of user data, data breaches, and the extent of information it collects. The Cambridge Analytica scandal is a prominent example.
- Spread of Misinformation and Fake News: Accused of not doing enough to combat the proliferation of false information, conspiracy theories, and propaganda on its platform, particularly impacting elections and public health discussions.
- Content Moderation: Facing challenges in moderating harmful content, hate speech, violence, and nudity on a global scale, often drawing criticism for inconsistent or ineffective enforcement of its policies.
- Impact on Mental Health: Studies and reports have raised concerns about the potential negative effects of excessive Facebook use on mental health, including links to anxiety, depression, and cyberbullying.
- Antitrust and Monopoly Concerns: Subject to scrutiny and regulatory actions regarding its dominance in the social media market and its acquisitions of potential competitors like Instagram and WhatsApp.
- Political Influence: Criticized for its role in political polarization and the potential for foreign interference and manipulation through the platform.
Corporate Structure
Facebook is the flagship product of Meta Platforms, Inc. Meta is a technology conglomerate that also owns other major platforms and technologies, including:
Meta Platforms is publicly traded and led by its founder, Mark Zuckerberg, who serves as Chairman and CEO.
Conclusion
Facebook has evolved from a simple college directory into a global social media giant that has fundamentally altered communication, social interaction, and information dissemination. While it has provided unprecedented ways for people to connect and share, its immense scale and influence have also brought significant challenges and controversies, particularly concerning privacy, misinformation, and its societal impact. As part of Meta Platforms, Facebook continues to be a central player in the digital landscape, navigating ongoing scrutiny and adapting to the evolving online environment.
See Also
References
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