SHALOM OLALEYE
Two decades ago, Facebook emerged as a modest hangout for young people, evolving into a formidable force in the digital realm with an unquenchable thirst for user attention.
Initially launched as “thefacebook.com” on February 4, 2004, by Mark Zuckerberg and three friends, the platform initially catered exclusively to Harvard College students before expanding to other U.S. universities in 2006.
Facebook swiftly transformed into a universal platform connecting people worldwide, boasting over 3 billion monthly users by 2023.
Despite controversies, such as accusations of influencing elections and the Cambridge Analytica scandal, Facebook, under Zuckerberg’s leadership, continued to thrive, acquiring Instagram and WhatsApp and reaching a profit of US$23 billion in 2022.
The platform’s business model, leveraging personal data for targeted ads, faced criticism, but its enduring appeal to advertisers remained intact.
Renaming itself “Meta” in 2021, Facebook embraced Zuckerberg’s vision of the “metaverse” as the next major computing platform, investing in artificial intelligence and virtual reality.
Despite declining engagement among younger users, Facebook’s acquisition of Instagram in 2012 proved strategic, capturing a new audience and rivaling platforms like Snapchat and TikTok.