Foursquare one of the biggest location-based social networking sites, available on the mobile and as a game, is now asking itself whether it will grow beyond being a subset of Twitter users? And do users want to open up their location to businesses?
According to Jason at Jason Keath, Foursquare’s benefit to businesses is based on data and using that data to make money either through loyalty or advertising schemes. The revenue that Foursquare can enjoy is dependant on the advertising opportunities and being able to make the service large enough and accessible to everyone on a big scale.
The unique service that Foursquare offers to its users gives them the opportunity to know where all their friends are or who may have recommended positive things about restaurants in their area. This gives the incentive for members to share their locations.
With businesses, this may be a different story, will users want to share this information without having to opt-in? As of yet, Foursquare has not shared much data with businesses but for Foursquare to make more revenue this option has to be considered. How will the large current user base feel about Foursquare opening up their data to a much larger audience?
Are you a current user of Foursquare? What do you think about Foursquare making their data more accessible to everyone? To read more about this click on the link above.