It's hard to believe but a year ago at this time everyone cared about Facebook (FB). The company was culturally relevant. The idea of owning the stock had investors giddy pre-IPO and miserable literally a day later. The only question was not if but how the geniuses at Facebook were going to make inroads into mobility while maximizing profits from conventional desktop users.
As it turned out, Facebook's didn't have any real idea how to address mobile. What they've done is use the $16 billion of IPO proceeds to throw money into an abyss of laughably bad initiatives and promotional events designed to convince advertisers that users of Facebook mobile apps aren't turned off by product placements.
To be fair every ad-based internet company on earth has the same problem. The others get a pass on their efforts to crack the code on "monetization" because they don't have much riding on mobile bets and haven't been as splashily inept in their efforts.
A month ago at another over-hyped event as Facebook unleashed Home. It was a product that was teased to be a Facebook Phone and turned out to be little more than an app that hijacked user's phones. To say customers disliked Home is to suggest they cared about it at all. Fewer than .1% of Facebook users have downloaded Home and the product is reportedly being overhauled.Read More »from Failbook: 1 Year After IPO, Troubles Remain