Facebook reaching fifteen – a stark reminder of the value of data

As you’ll likely have seen, Facebook recently hit the ripe old age of 15. It’s hard to believe that it’s really been around for that long. Whilst Facebook was not strictly the first social media platform, in many ways it has been the most impactful, and the granddaddy of social media as we know it today. Countless imitators have sought to usurp the throne from Facebook, but few have even come close to replicating its scale and scope.

A lot has changed since Facebook’s birth in a university dorm in 2004. The iPhone was still three years away, online shopping accounted for around two per cent of UK retail sales (compared to 10 times that now), and broadband was found in only 12 per cent of British homes. It was a simpler time, digitally speaking.

Unbeknownst to the public of 2004, Facebook was to become one of the most valuable companies in the world, and it was to be built on a commodity people didn’t even realise they possessed, let alone that they needed to protect – their personal data.

• Facebook data collection raises questions for mobile operators
• What does Facebook know about you?
• The war for encrypted data

Data-driven business 

Facebook’s wildly successful data-driven business model shone a light on the true power and value of data. Data is often called the new oil. Whilst the comparison has been done to death at this point, it’s undeniable that data has been fuelling businesses for the past dozen or so years. Businesses live