Facebook company history
Facebook is a US company that’s best known for the social network of the same name. The company was founded by Mark Zuckerberg and four fellow students when they were at Harvard back in 2004. Although the website was only available at a few universities to begin with, the platform opened up to the public a year later.
The tech giant’s name comes from “face book” – a term used at the time to describe the directories featuring pictures of university students. Users can connect with their friends, and post photos, videos and status updates on profiles.
Most of Facebook’s revenue comes from advertising, and companies see the platform as valuable because of the vast amounts of data it holds on users. Although the company says it does not sell data about its users to third parties, concerns have been raised about privacy – especially considering how often its services are used.
What does Facebook own?
Instagram: Facebook purchased the photo-sharing platform for $1bn in 2012.
WhatsApp: The messaging platform was bought for an estimated $19bn in 2014.
Messenger: Formerly known as Facebook Chat, the platform was built internally and is now a standalone app.
Oculus: The virtual reality headset brand was snapped up by Facebook for $2.3bn in March 2014.
Facebook in numbers
2.38 billion: Active Facebook users in the first quarter of 2019
260 million: The number of users in India, Facebook’s biggest market
5th: If Facebook was a population, it would be the world’s fifth-biggest country
43 minutes: The average amount of time users spend on Facebook a day
$24.96: Average revenue from every single Facebook user in 2018