Facebook’s amended IPO filing shows that it did $1.058 billion in revenue in the first quarter of this year. If that revenue stays steady, Techcrunch notes, Facebook will make between $4.69 and $4.81 from each of its 901 million monthly active users.
Consider that scale for a second: To Facebook, you represent about a billionth of its revenue-making potential; your individual value to the company is below negligible. But the information you store on the service — your photos, your private messages, you personal history — is priceless, or at least extremely valuable to you. If Facebook loses, damages or leaks your data, it has no effect on them and a tremendous effect on you.
There’s nothing explicitly wrong with this but the contrast is still dizzying. Facebook and Google’s business plans are to hold and make small amounts of money off of people’s most treasured information. They’re like banks for the essental material of humanity, except without the rigorous and tested regulations, the federal insurance, or the decades of proven stability. You get a digital platform to store and share your life; they get a Big Mac Value Meal.
- Sebastian Gorka couldn't make it as a national security expert in Hungary, but that's not stopping him from advising President Trump.
- The Pentagon will now be able to decide how many of its troops are deployed in the war against ISIS and when they are sent there.
- Texas is suing the federal government for blocking a huge shipment of illegal execution drugs from entering the state 💉
- An extraordinary new study claims humans roamed America 130,000 years ago, but fossil experts say don't believe the hype 🤔