Facebook is on Fire

21st of August 2007 by conor

I did a post on the sexy work Nooked is doing in Facebook over at blognation (picked up by SiliconRepublic) but given Ben’s recent question regarding FB developers in Ireland, I thought it was worthwhile to point out what a lucrative area it is to be in.

The big story last week was on TripAdvisor and the will they/won’t they buy Where I’ve Been for $3m. Even if they aren’t, no-one is blinking an eye at the valuation. Those who are managing to get lots of users of their FB apps are highly attractive right now.

The clincher for me is that Facebook’s own venture backers are investing in FB application developers. They see the Facebook Platform as something which benefits both FB and the apps guys rather than just being a land-grab by FB. Social Media in the US which develops FB and MySpace apps just received $1m in funding. When Jeff Clavier is involved in an investment, it is always worth watching.

Looking forward a few months, it seems clear that MySpace are going to come out with their own platform. Bebo will be roadkill if they don’t too. Those who are active in the FB application space will be ideally placed to exploit these other platforms. I’m convinced that Irish companies with expertise and a track record in building successful FB applications must be on the radar of European investors.