Do you remember MySpace? Now, when you ask people about the social network, the general response is “My what?” Nonetheless, at one point, MySpace dominated the social space. Today however, that space is dominated by Facebook. Lately, investors have been talking about the possibility that Facebook is the next MySpace in the making. However, I don't think that's the case. While Facebook and MySpace are both social networks, I think that's about the only thing the two have in common and why binary options traders can always bank on FB to create trends. Here's why…
The Difference In How The Two Became Popular
In the days of MySpace, there were very few competitors in the social media space. So, by making sure that the network had cool features and made it easy to connect, the social media website quickly grew to become a giant.
Facebook on the other hand had things a bit more tough in the development process. When Facebook launched, consumers already had a go-to network in MySpace. Professionals were starting to use Twitter, and LinkedIn, and there really wasn't much need for a new social network. However, that didn't stop Zuckerberg. So, he worked to develop the most easy to use social network, and in a short period of time, that Facebook took over the social media space; leaving MySpace in the dust.
Facebook Is Far More Than A Social Network
These days, Facebook is pretty much ingrained in today's social environment. If you want to connect with a family member or friend a continent away, chances are that you'll use Facebook to do it. However, the company has become far more than a social network. Here are some of the other spaces that Facebook is creating a footprint in…
- Virtual Reality – Virtual reality is the next big thing; and Facebook is ahead of the game! Facebook owns Oculus, a virtual reality headset that is viewed as one of the best on the market.
- Video Streaming – The way consumers digest content is changing. The reality is that cable television is becoming less and less relevant as more and more consumers stream video online; and Facebook knows it. This year, they've put quite a bit of effort into attracting content producers and getting those producers to generate content for their own streaming video service.
- Messenger – Do you remember AOL Messenger? Well, Facebook's messenger app is like that, but better. Not to mention, they've recently started working to open the doors of the messenger to third party app developers to make their platform a prime place for content.
I know, that seems like a lot, but the reality is, it's only the tip of the iceberg. The bottom line is that Facebook is a giant for a reason; and it's not because they've put all of their eggs in one basket. It's because the company has spent time and money on expanding, and ensuring that their brand isn't going anywhere any time soon.
Although I can understand the argument that Facebook is a social network; so, it's naturally susceptible to the same fate as MySpace. However, when you look into the intricate details of the company, it's easy to see that the two are far different. While MySpace is a social network, Facebook has become far more; and proven to investors that they plan to continue to innovate and open more and more revenue streams. With that said, the chances of Facebook becoming the next MySpace story are slim to none. In fact, the company's stock should continue to grow steadily through the long run – every little twitch that Facebook makes causes a trend in its stock price – sometimes depending on the news this can be a downtrend (however, short lived). As a binary option trader Facebook is certainly worth keeping in your portfilio. Its the social network that just keeps giving.