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Ken Rutkowski  (Source: socaltech.com)
Forty to 50 percent of time spent on Facebook is dedicated to playing games

A successful entrepreneur has predicted that Facebook will be the largest bank by 2015.

Ken Rutkowski, founder and president of Metal International, is an observer of technology and an entrepreneur. Recently, he stated that Facebook would be the biggest bank by 2015 because of Facebook Credits found in games.

Facebook has become a powerhouse in the social networking industry since its launch in 2004. It currently has over 600 million active users, and even had a movie made about its creation called "The Social Network." 

In addition to just socializing with friends, Facebook allows its users to connect through playing games like Farmville, which was developed by Zynga. Farmville is undoubtedly Zynga's most popular game with an estimated value of $12 billion.

"Facebook will be the largest bank by 2015," said Rutkowski. "I hear you say 'how can they be a bank, what's going on?' If you play games on Facebook, which, by the way 40 to 50 percent of the time spent on Facebook is playing games, and those games - like Farmville and Mafia Wars - are paid for and you have to buy credits for that and they are called Facebook Credits." 

Rutkowski mentioned that "old school" media companies have a market capitalization of $241.7 billion while "new school" media companies are valued at $319.7 billion. 

Rutkowski also noted that people who do not have a Facebook profile may want to make one soon because if they don't, a profile will be made for them. 

"Why is it important to have a profile?" said Rutkowski. "They are going to start using that to determine what your credit worthiness is. By the way, if you don't have a profile they will make one for you, so it's better for you to create it and manage it than them. That's why you want to be selective with what you put on there. If you have kids that are being idiots online, make sure you stop them right away as they are creating a pretty negative profile long term and it happens often."

In other news, Rutkowski reported that Apple is now the most profitable retailer in the world. 

"Apple retail stores do $2400 per square meter of floor space compared with Tiffany's which does $700 per square meter per day," said Rutkowski. 


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RE: Unbelievable!
By Aloonatic on 4/14/2011 4:10:46 AM , Rating: 2
Different things for different people. A lot of time that I have spent (well, used to, they seem to be recycling the same idea over and over now) playing these games (though I would never pay to) has been during coffee breaks at work, while everyone else is outside smoking. They can be fun.

If you just break down most video games, sports, books/movies... to simple points, then they don't really make sense. What's the point in football? It's just a bunch of people chasing a bag of air about, etc?

A lot of these games success is built on the fact that they fairly simple and amusing way to kill time, and the more you play, the more you get out of it and want to play more, to complete collections and quests for simple rewards. The companies behind them have invested a lot of time and money into this, and that people want to pay them for it... Kudos.

Would I ever pay cash to buy "farm cash"? Never. Then again, would I ever pay cash to watch a bunch of over paid, testosterone filled morons try to kick a bag of air into a net, only to take it out and start again when someone finally manages to catch the pesky ball? No.

That a lot of people want to spend a lot of time and money on these things as a way to pass their time and entertainment, is up to them. Most of them probably think that it's a waste of time coming onto sites like this and writing comments that no one really cares about and have no real effect on the world, and the people who do are pretty moronic too.


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