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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 TSS on 4/14/2011 9:21:36 AM , Rating: 3
Yes. People are not morons if they pay for what brings them fun. Personally, i've paid around $450 for 3 years of WoW, better described as 3 years of fun (i had breaks and such. If it's not fun don't play). I've quit since before cataclysm came out, i don't miss it and i don't regret the time spent in there.

To be fair i can't really rip on people for spending money on facebook games either. If they get their dosis of fun out of it and it doesn't interfere with the rest of their life, why not?

From quickly reading up on farmville though (i don't play it nor do i have or will i ever make a facebook account, screw all of yall) it seems that apart from exclusive (decorative) items which cost real money you can virtually earn coin to virtually purchase seeds which then bring in more coin. In that case, people are frickin morons for spending money on the stuff they will litteraly earn while playing the game.

Which would be the same as buying gold from goldsellers in wow. Or in F2P games like league of legends, purchasing RP to buy characters while all of them can be bought with IP (which you earn playing games).

Which would make them morons yes. Big morons, too. But just spending money on something virtual doesn't make you a moron. Otherwise, everybody who doesn't download pirated stuff is a moron. Why pay for virtual data on a DVD when you can have it on your HDD for free?

....actually that isn't helping my point.


RE: Unbelievable!
By FITCamaro on 4/14/2011 9:49:09 AM , Rating: 2
Well put.

I think Farmville is f*ing retarded. But others feel what I play is. Started playing EVE Online again.


RE: Unbelievable!
By ShaolinSoccer on 4/14/2011 11:54:43 PM , Rating: 2
Nice. What I love about Eve is you can play it for free using in game money. I decided I wanted to take a break so I bought 4 months worth of time and log in every 30 days or so to start a new skill. When I do decide to come back, I'll have some new toys to mess with :D


RE: Unbelievable!
By VahnTitrio on 4/14/2011 10:50:32 AM , Rating: 2
Ah yes, Diablo 2. I think I made a couple hundred bucks off that game. Plus I have plenty of FG saved up, so when D3 arrives I should be in pretty good shape so long as they don't change trading too much in the game.


"If a man really wants to make a million dollars, the best way would be to start his own religion." -- Scientology founder L. Ron. Hubbard














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