Facebook Inc. develops products that enable its customers to connect and interact with friends and family worldwide. The company’s products include the social networks Facebook and Instagram as well as the messenger service WhatsApp. Through mobile devices, personal computers, virtual reality headsets and in-home devices, Facebook connects billions of people worldwide.
Facebook’s innovation activities focus on the implementation of further software and analytics solutions in the context of digital communication. For this purpose, agile software development approaches are applied as well as regular hackathons are held to test new features and solutions within a short period of time. This includes features such as the “story function” introduced in 2017 as well as the Facebook “jobs” function, which can be used to place jobs in a very simple process.
Furthermore, Facebook offers its customers new technical possibilities for the placement of advertisements with approx. 8 billion video views daily: In-Stream video ads, commercial breaks in live streams and commercial breaks in on-demand videos. In addition, Facebook has also developed functionalities to help blind or visually impaired people understand entries and images on Facebook. This is done using a technology that recognizes objects in images and uses them to generate descriptions for photos. The algorithms are based on neural networks.
Supposed market potentials are made possible by the in-house currency Libra, to enable new network effects of the platforms. In the following years, several innovations are expected around the integration of the various Facebook services.