Facebook : Most Successful Social Networking Service and the Reigning Titan of Web 2.0

1. What is Web 2.0? The Web is growing very rapidly and important part of our lives. Web 2.0 has changed the rules of Internet and has produced a new marketplace based on sharing, coined in 2004 . Web 2.0 encompasses the social in nature such as the social networks, blogs, wikis, tagging and photo and video sharing sites. Sir Tim Berners-Lee found shared information space and similarity this story of the technology with the ideas of Tim O 'Reilly, who has attempted to adoption of the technologies, can be used to make predictions about technology markets (Anderson, 2007). The former web appear as very much “Web 1.0,” and then found read write web as Web 2.0 (Alexander, 2006). Web 2.0 has changed the rules of Internet and has produced a new marketplace based on sharing. Many ventures use this technology as facilitating innovation..

Technology has become the most significant enabler of innovation in services. Innovation was deemed to require a new physical thing. But the world of business suggested new services could deliver potentially even more significant changes than new products. They could deliver new business models. (Trott, 2011)

Web 2.0 companies identify four reasons for their innovations. Low cost of Innovation, Rapid bite-sized improvements instead of massive launches, Ease of “measuring” user interactions with the service and An open innovation model (Chittoor, 2009).
2. Social Networking Social networking services or sites (SNS) enables members to connect other people they know after creating their profiles. Use of the Internet has greatly expanded and today it is much more likely that one’s friends and the people one would like to befriend are present in cyberspace. People are accustomed to thinking of the on-line world as a social space. Today, networking sites are suddenly extremely popular(Donath and Boyd, 2004). Social needs previously done face-to-face, are now moving to a computing device. And those customers may be using

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