Facebook was the pioneer in mainstream social media platforms.
When Mark Zuckerberg left @harvard in 2004 to work on Facebook full time, he helped foster the upcoming social revolution and “me-ism”. Me-ism is the focus on yourself, so many people are now obsessed with likes, comments, and how people think about them.
Many “influencers” on Facebook and other social media as a result can make money with their huge followings. For example, @kingjames charges $100,000 for him to tweet about your company.
Facebook and Twitter are the two largest social media companies, and many wonder how they make their money.
Essentially, @facebook and @twitter make money by getting paid promotions (if you run a business account you know this) and by data licensing.
Whenever you accept the terms and conditions, you allow Facebook and Twitter to sell your data to companies, and those companies are charged a lot of money for it.
For example, they might sell your search history to @netflix so Netflix can send you catered recommendations for shows.
@google does this too, so that’s why you see ads for things that you search for.
Another aspect of the success of Facebook is instant messaging. Facebook Messenger (originally Facebook Chat) cane out in 2008 with the ability to send real-time messages. The iPhone 4, which was the first iPhone that basically had those capabilities, came out in 2010.
Overall, @zuck became the youngest billionaire ever because he created an innovative platform that lead the way of the social revolution.