There have been many debates, such as those from Mashable and Techcrunch on whether Foursquare would grow to be the next Twitter.
For those who missed these debates, here’s a little summary:
Mashable: Founder Pete Cashmore declared on CNN opinion that Foursquare is going to be the new ‘Twitter’ next year. His argument was primarily based on Foursquare’s strong relationship with Twitter, impressive funding round and addictive nature.
Techcrunch: Author Jason Kincaid took an opposite stand and has narrowed Facebook as Foursquare’s main competitor. Facebook has a location based “something” going on (we’re still waiting) and with its massive number of users, it is definitely a strong threat to Foursquare even before Foursquare started. While this location based game can be addictive for now, its magical effect might wear off soon.
Well, I must say I agree with Jason very much. Despite being addicted to Foursquare right now, I don’t see myself religiously checking-in for long.
Comparing Facebook, Twitter & Foursquare
The largest social site is undoubtedly going to be Facebook for at least the next few years. So why is it so successful? It is not hard to explain why. It has all the social games, videos, news, quizzes and countless other applications to keep users entertained for hours. Most importantly, Facebook is the true social site that keeps our close friends knitted together.
The consequence? 6 billion minutes are spent on Facebook each day, possibly making it the world’s stickiest website. Twitter on the other hand, thrives on simplicity but for some, it is a little bit too simple to be entertaining.
Going back to Foursquare, I would not deny that I’m starting to get bored with it. The only motivation left, which is going to be short-lived, is to score more points and claim new badges.
Unless Foursquare starts introducing something new and entertaining, it will quickly lose its charm.
The next Twitter?
Twitter has indeed been in the limelight for the whole of 2009, with admirable growth (except for recent months), impressive media coverage and successful funding. But we have to remember that Twitter has yet to make a single cent.
Even if Foursquare is to be the next Twitter, would that mean anything?
Some of you would probably be thinking that Google and Facebook too have been through the stage when product came before cashflow. But they are different because both are dynamic, ad dependent sites with a massive user base.
I have difficulty seeing how Foursquare can thrive by selling ads. Other income avenues like virtual goods and paid accounts seem impractical as well.
Would Foursquare be able to come up with a feasible business model?
My opinion
With whatever we are seeing now, I doubt Foursquare can thrive. I might be wrong and I hope I’m wrong. I’m excited to see how it can venture its way to success.
If that ever happens, I reckon that its business model would probably be a revolutionary one. Just like how Google established a whole new search engine marketing industry and how Apple’s iPhone morphed the mobile application landscape.
