This information is gathered to your mobile device to provide you with an inside view on the best things to see and do in your local area.Similar to a cross between Google and Facebook, the social network also allows you to post status updates and share photos.Users join with their home address and are automatically placed into a home neighborhood.This ensures that all of the content, connections and messages you see will come from other users living in your area.That puts Facebook at a tremendous premium to Google." But Mr Kessler admits advertising is the key."Facebook has put together a social graph putting together a unique and powerful set of data for advertisers.
Are we seeing the next dotcom bubble or are social networking sites about to make big profits? Analysts reckon the investment bank has made the first strike, aiming to float Facebook next year.
Goldman Sachs invested 0m (£290m) in the social networking site while an existing shareholder, the Russian investment firm Digital Sky Technologies – set up by two former Goldman directors – invested another m, valuing Facebook at an astonishing a bn.
This makes it worth more than corporate giants such as Boeing, Kraft, Diageo, Mitsubishi and Credit Suisse.
'Your Facebook page is your interface with the universe," declared one analyst last week following Goldman Sachs swoop on the social-network site. Facebook already has more than 500 million members, with users speaking 75 languages and spending 700 billion minutes per month on the site.
But the big question is whether Facebook is the next Google and Amazon or the next My Space or Bebo.
But the bn price is too big for some to swallow.