Wednesday, January 29, 2014

SG Social Media: Veritasium Viral Video - Facebook's fatal flaw?

Veritasium has posted an interesting video, that has gone viral due to Facebook, criticizing Facebook for its decision to filter contents via EdgeRank.
In their video, Veritasium lambasted Facebook for systematically limiting the reach of users status updates and posts. This Veritasium claimed was a direct result of Facebook's efforts to monetize its over 500 million users.
While I can agree with some of what Veritasium is saying, I however think there is nothing wrong with what Facebook is doing. Facebook is after all a for-profit company and as such their goal is to make money. Facebook's monetization strategy of differentiating between pure users (which I define as people maintaining contacts with friends and families) and commercial users (those using Facebook to sell products and services) is thus a logical step. Nothing comes for free and if commercial users do not pay how will Facebook continue to exist. The challenge for Facebook is how to clearly identify and filter the for-profits from the rest.
With posts like Veritasium going viral, the impact of what Veritasium is saying about Facebook is still unknown. However, given Facebook's current dominance and the lack of a substitute platform, I seriously doubt that there will be any.

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