12/18/2007 10:42:04 PM 
With close to 60 million members and an audience that's doubling every 6 months, Facebook is the brand phenom of the year.
Consider that over 50% of its audience use the site daily and that over 20% of Canadians have an account.
The brand faces significant challenges in 08, with the core question being how it makes money?
The Beacon debacle hasn't helped and there's got to be more to it than banner ad inventory. The brand is going to need to work closely with agencies and its community to ensure useful media tools are created for brands.
The problem with the Social Graph is that it's still not clear if users want conversation and friendship with brands or if they want brands getting in the way of their conversation. Apple Students, Nike and Victoria's Secret are currently the only three mass brands who can talk of any real success on Facebook.
Clealry, there's going to need to be a considerable level of creative thought applied to the development of relevant brand communication platforms.
Facebook would be wise to call upon the best minds in the creative industries to help them. An all expenses paid three-day creative summit in Cannes or Necker Island could be in order.
If Facebook follows the wishes of its investors looking for a quick return, in 12 months time we might soon be talking about it as if it were Friendster, get it right and we could well be looking at the next Google.
Today, its power and hold over its users is unquestionable, so strong, it's even spawned a thriving t-shirt business.
Sadly, there are only 5,000 of these suckers available.
Posted by Ed Cotton
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