New York
CNN
—
Back in 2004, Mark Zuckerberg, a Harvard University student, launched TheFacebook.com, a social networking site for his peers. Fast forward 20 years, and Facebook remains a dominant force in the social media arena, outlasting early rivals like MySpace and Friendster to establish a strong presence in the ever-expanding world of social media. With over 2 billion active daily users, Facebook continues to hold significant relevance, often finding itself at the center of cultural and political debates.
Facebook distinguished itself from other early social platforms with its exclusivity and its focus on gamifying social interactions through features like “likes,” comments, shares, and friend counts, paired with a news feed that kept users updated on the activities of their friends and contacts.
According to Pablo Boczkowski, a professor at Northwestern University who studies digital culture, there has been a clear trend toward the gamification of social relationships, and Facebook capitalized on this trend, allowing users to compare themselves with others in their social circle in a way that was previously impossible in real life.
Initially exclusive to Harvard, Facebook gradually expanded its reach over the following years, first opening up to students from other colleges, then high schoolers, and professionals with corporate email addresses. By 2006, many of its original users had moved on from their initial demographic, prompting Facebook to extend its membership to a wider audience.
Facebook’s early focus on young adults set the tone for the platform as a place where Millennials could stay connected with their family, friends, and acquaintances, share life updates, and express their opinions on various matters.
Strong social connections were the foundation of Facebook, setting it apart from other early social media platforms. While MySpace gained traction by enabling users to connect with new people and focus on music, Facebook prioritized expanding networks through real-life relationships.
MySpace, which was the leading social media platform from 2005 to 2008, made significant efforts to establish itself as a music hub. However, despite attempts to revive its relevance with a vast music library and a change of ownership including singer Justin Timberlake, MySpace’s monthly active users dwindled to an estimated 35 million, while Facebook’s user base surged to nearly 800 million.
While MySpace and Friendster were fading, Facebook continued to thrive through innovation and strategic acquisitions. In contrast, Friendster faced a decline due to issues with its user interface changes around 2009, coinciding with technical problems and the rising popularity of Facebook, ultimately resulting in its discontinuation in 2011.
Facebook’s ability to adapt to users’ needs and deliver an optimized product along with strategic acquisitions has contributed to its continued success over the past two decades.
In 2012, Facebook acquired the photo-centric social media platform Instagram, followed by a public offering a month later at $38 per share. Subsequently, Facebook diversified by investing in messaging apps like WhatsApp and tech hardware such as virtual reality company Oculus.
Meta Platforms Inc. (formerly known as Facebook) has maintained its dominance in the social media landscape with a portfolio of apps including WhatsApp and Instagram, competing with platforms like TikTok and launching new features like Threads to keep users engaged.
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