Facebook Camera! But, Facebook just bought Instagram. What does it all mean? What’s the media saying about it? Everything. Nothing. Whatever. Our analysis in seven sentences:
Feed, camera, roll, tap tap, “like,” and comment.
It’s both better and worse than Instagram at the same time.
Facebook is hanging on to iOS and this makes you feel “like you’re not missing anything.”
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With the third day on the books, Facebook’s stock is down even further than yesterday, to $31.12, well below the $38 IPO price. Friday’s glitches caused massive confusion and has even led to a lawsuit against the Nasdaq, which has seen its reputation tarnished. Now Morgan Stanley is also getting the side-eye because the financial firm, the lead underwriter on the initial public offering, unexpectedly cut Facebook’s revenue forecast.
The way the change was made — so close to the IPO and during the “road show” — is strange, say those in the know. If that information wasn’t disclosed properly to Morgan Stanley, there could be violations. Now the Securities Exchange Commission and the Financial Industry Regulatory Authority (FINRA) are nosing around, seeking a review.
After his company went public, Mark Zuckerberg married his longtime girlfriend Priscilla Chan. Sneaky! And savvy, say the lawyers.
Zuckerberg posted the pic at left on his Facebook page on Saturday — 1.2 million-plus likes! — and today, the designer behind Mrs. Zuckerberg’s dress, Claire Pettibone, is feeling the love too. People are beating a path to her homepage, wanting to get one of the $4,700 dresses Chan was married in. The designer’s website got an added 24,000 visitors because of the dress.
The dress is available at Kleinfeld’s in New York and the store’s PR team says it’s still available.
Here’s some info, in case you want to learn more about Cilla.
While Facebook’s stock continues to slip on its third trading day (more on that in a bit), Nasdaq’s reputation is taking a header after mistakes during Friday’s IPO. First there was a delay, then there were problems with the orders. Basically, it looks like the Nasdaq system became overwhelmed by the trading activity in those first hours.
“It took staff approximately 20 minutes to resolve the matter and open the stock, during which time millions of shares worth of trades fell into limbo. Brokers and traders didn’t learn the results of trades made in Facebook shares until nearly two and a half hours later, and some individual investors remained uncertain of their position in the social network’s stock Monday,” Dow Jones reports. Yikes and double yikes.
As a result the company’s chairman, H. Furlong Baldwin (who was destined to become the Monopoly man with a name like that) has had to come out in support of the CEO Bob Greifeld during this morning’s investor call, who openly spoke over the weekend about his desire to stay in his job despite the mishap.
After lots, and lots, and lots of talk the Facebook IPO happened today!! Do you feel any different? Yes, no, maybe? We understand… you’re still counting your money. We’ll come back to you.
Just like so many things that get tremendous media build-up, as soon as the story reaches its apex, there’s the huge fall off. Facebook officially went public at 11a.m. and by this afternoon, there’s the “IPO fizzle” video, a roundup of jokes, and the disappointment over the fact that the company is only valued at the $38 per share, or $115 billion, that had been previously discussed. (Apparently, the company got a little help?)
Even Bono couldn’t catch a break: one minute he was a billionaire, the next minute, he wasn’t. Thankfully, he doesn’t seem too bothered by any of it.
Even when the media is hyped up on something, the key for companies, brands, and other people is to remain sane.
Everyone is buzzing about the news that General Motors has pulled its $10 million in advertising from Facebook. The reason cited is the advertising is having “little impact on car purchases.” We’ve never noticed any GM advertising and, when taking into account that GM is the third largest advertiser in the U.S. ($1.8 billion) behind P&G and AT&T, it’s not that big of a spending cut for them. With $872 million in quarterly advertising revenue, its not too critical for Facebook either, though of course, the company would want to hang on to an advertiser.
In the course of its reporting, TechCrunch says sources question whether GM’s ads were “social enough” for the site. In that sense, it does raise the question of whether GM approached its Facebook advertising with the right strategy. It’s curious that GM would think that someone would see a Facebook ad and then run out and buy a car.
Facebook’s Mark Zuckerberg announced this morning that the social network will now have a feature allowing users in the U.S. and U.K. to spread the word to friends that they are registered organ donors. And if they’re not, there are links that will take visitors to sites where they can enroll.
The Ad Age Digital Conference continued this morning with a presentation from David Fischer, Facebook’s VP of business and marketing partnerships, whose presentation could be boiled down to this: “Your brand needs an always-on strategy.”
When your brand is on social networks, like, say, Facebook, it’s always accessible. Moreover, marketing efforts “have always tried to stimulate word-of-mount, but it’s really short-lived. Social technology is changing that,” Fischer added.
It’s not just about reaching the people who “like” you, it’s about reaching the people they’re friends with. According to Fischer, the average user has 130 friends. Reaching those friends spreads your company’s message naturally.
Facebook just announced that it will acquire photo-sharing site Instagram for $1 billion in cash and Facebook shares. In a statement on his Facebook Timeline, Mark Zuckerberg says that his company has always focused on the ability to share pictures with those closest to you.
“Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests,” he writes. Zuckerberg adds that they will hang on to Instagram’s ability to share with social networks besides than Facebook as well as other features “rather than just trying to integrate everything into Facebook.”
Finally, according to Zuckerberg, this is the first huge acquisition the company has made and there won’t be many like it, if any at all. The deal will close later in the quarter.
Instagram had 30 million users before it added an Android version. Once that version was made available last Tuesday, The New York Times reported that 2,000 people were signing up per minute. Instagram users upload five million photos per day. Instagram is also set to receive another round of funding, $50 million on a $500 million valuation from Sequoia Capital.
The early bird deadline for Mediabistro’s Facebook Marketing Boot Camp is this Wednesday, March 28.
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