InternetThe Big Business of Tiny Widgets

Facebook developers' conference turns up plenty of business models.

SAN FRANCISCO -- They used to say there was no money in social media. You wouldn't know it at f8, the Facebook developer's conference held earlier this week in San Francisco. It seemed like half the exhibitors at the event, which attracted about 1,000 developers and wannabes, wanted to show app developers how to monetize their Facebook widgets and applications. (The company says there are approximately 400,000 people developing for its platform). Also showing up were social media marketing companies that are -- or hope to -- help major advertisers make that social connection. For example, Terralever, a Tempe, Ariz. agency, was showing off the work that helped Red Bull become an early player. Like a lot of today's startup ecosystems, the Facebook app business is mostly based on ads and, to a lesser extent, on affiliate marketing. And, while Google ads are the monetization medium of choice for Web 2.0 startups, the Terminator of Search hasn't yet been able to cash in The Social. Instead, there are ad networks specific to social media, such as OfferPal Media, which lets developers do affiliate marketing to their users, and RockYou, which both distributes widgets and lets developers install ads in them. According to SocialMedia, another company providing advertising for social media applications, such advertising is expected to reach $1.6 billion in 2008. RELATED ARTICLES OpenSolaris to Support Facebook, OpenSocial Facebook Revamp Targets Spam, Privacy Issues Facebook... [ Read more on www.internetnews.com ]

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