Facebook is slow in developing microtransactions content

Facebook announced that it is now selling music; a move that I believe took extremely long, given that music was a huge driving force for Myspace and Cyworld. I sometimes don’t understand why Facebook is slow in adopting business models that have already been proven in other markets. For instance, it kind of lost the virtual room model to Zynga (although I suppose if Facebook were to adopt its own virtual room thing it would squash Zynga) a business model fueled by micro transactions. I also don’t know why it hasn’t adopted the micro transactions model for customizable fonts and customizable skins. Since self-representation is such an important factor of social network sites, it only seems to make sense that such elements be hugely popular. Fonts and skins are extremely easy and cheap to produce; these elements may not be adopted by older users but younger users (and perhaps middle-aged women) will definitely be interested.

In a sense, Facebook has it easy because it can adopt business models that have been successful with Cyworld, which is a few years older and only popular in Korea and a couple other asian countries. If that is so, I wouldn’t be surprised to see Facebook adding more microtransaction content (like fonts, skins), and introducing services that make it a one-stop browser, which would include adding self-accounting services, subscribing to news, and becoming kind of like iGoogle.

It would also be super cool if Facebook could work with Amazon to put the universal wish list into Facebook so that you can send your friends gifts without having to know their addresses. FB is actually perfect for weddings if there was a wedding app that lets you invite your friends, put up your registry, share photos, etc. (There probably already is one) Would be nice if that could be in place before I get married, hehehe.

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