What Was That You Were Saying About Growth Over Profits?
Growth is primary, revenue is secondary.”
– Facebook CEO Mark Zuckerberg
Good thing Facebook is committed to growth over profits because according to the latest metrics from Hitwise Intelligence, growth is slowing. While traffic to the site in the United Kingdom did increase by 4 percent between August and September this year, growth is down from 50 percent over the same period last year. Facebook’s annual growth rate is slowing as well. The site grew 88 percent in the UK between September 2007 and 2008–a strong showing, but quite a bit weaker than the 2,905 percent growth Facebook managed in the year prior.
Could it be that Facebook, like other social networks that have gone before it, is nearing its saturation point? Is enthusiasm for the ironically named “Funwall” and the endless conga-line of “You’re A …!” widgets finally wearing off?