05 Jul 10

The Rise of Foursquare

by Laura Fenton, Trainee Digital Planner/Buyer

Since my last article on Foursquare in April which pinpointed geo-location services as a digital innovation to watch in 2010, there have been some impressive statistics from the location based internet start-up to further substantiate this advice.

Recent stats released by the company’s CEO and co-founder Dennis Crowley indicate Foursquare’s expansion to be similar to Facebook and Twitter in the initial stages of their growth. Now approaching 1.8 million users globally and gaining around 15,000 new users a day, this has more than doubled the user figures recorded just two months ago.

Since very recently securing $20 million of funding to aid in their expansion strategies, Foursquare is now reportedly valued at $95 million, which isn’t a figure to be sniffed at. One of the most talked about internet start-ups of today, there is no doubt that companies such as Foursquare have wholly benefited from the popularity and quick uptake of smartphone devices around the globe - allowing people to easily pin-point their location at any time.

As mentioned in April, there is still definitely the potential for some real competition, with a number of companies catching on to the appeal of location-based services. This looks likely to stem from both new players and those firmly established in the social media sphere (Twitter has recently launched a location feature, with Facebook due to follow suit in the coming months).

Despite this, it certainly looks for now like Foursquare has real potential to become a significant player in the social media arena. My advice to you all is keep watching this space!