Everyone from your 10-year old nephew to your 98-year old grandma has a Facebook account. In fact, Facebook has approximately 1.79 billion active users! It would seem unlikely that anyone or anything can rival or challenge the success of this huge tech giant. But, even a company such as Facebook needs to be ever-changing and ever-adapting to newer circumstances. Facebook’s profits aren’t what they used to be due to less people clicking on their advertisements.
Rivals such as LinkedIn, Twitter, Instagram, and Snapchat, have taken away from Facebook’s stardom in recent years, especially among younger individuals belonging to the Xer and Nexter generations. Many pre-teens, teens, and young adults don’t visit Facebook as often as they used to, as they feel alienated by the presence of their parents, aunts, uncles, and grandparents on the site!
According to the Financial Times’ report “Facebook at Work,” Facebook is seeking to gain foothold on the workplace, aiming to serve as a site for professional networking, not just personal relationships. Facebook is developing a new product that that will allow users to chat with colleagues and collaborate on projects using virtual work spaces. Its aim is to combine professional networking on sites such as LinkedIn, the largest professional social networking service, with Facebook, which is primarily used to connect with family and friends.
This is Facebook’s latest feat since it bought WhatsApp, a cloud-based messaging service, for $19 billion in 2014. Facebook is a company that values innovation in technology, and is always one step ahead of its competitors, in their ability to capture as much of the market as possible.