Social Media Saturday: Facebook's Real Name Problem, Snapchat, Instagram and Pinterest Values Skyrocketing
This week in social media, Facebook's real name policy got it in even more trouble, while Snapchat and Pinterest both climb in value. It's time for Social Media Saturday!
Facebook:
Real Name Policy Still Problematic
If there's one thing Facebook CEO Mark Zuckerberg is a stickler about, it's using your "real name" on his flagship social media network -- if you want to use a handle instead of your "real" identity, he's already given you Facebook Rooms.
Except that the definition of a "real name" has become a contentious point for Facebook users time and again. Last year, the LGBT community pushed back for how the network's policy locked drag queens out of their accounts for identifying with their stage name. Facebook later apologized and promised to fix the problem.
This week, it happened again. Dana Lone Hill, a Native American, had her account suspended by Facebook after attempting to change her last name from her mother's, Lone Hill, to her father's, Lone Elk, according to The Guardian. Reportedly, this is not an isolated incident, and so Lone Hill has announced she will lead a class action lawsuit against the social media giant.
"I want to bring this lawsuit for Native America because these are our real names, these are the names that we were given, these were the names we were born with," Lone Hill said to The Guardian. "I'm not saying it's racism, I'm just saying they need to fix the system."
But... Cute Stickers!
On the more trivial side of Facebook news, the company announced this week (via HuffPo) that starting Thursday, users on the iOS and Android Facebook apps can add stickers to photos that they can post and share!
If you get a strange sense of déjà vu seeing the cartoon icons, it's because they're the same stickers from Facebook Messenger.
Analyst Bullish on Instagram
Facebook and Instagram got a boost of confidence (and market value) this week as research firm Cowen released analysis saying that Instagram would more than double its userbase by 2020, valuing the Facebook subsidiary at $33 billion according to TheStreet.
Snapchat:
It May Be the 3rd Most Valuable Startup Soon
And then there's the one that got away. The decidedly Facebook-independent ephemeral messaging service Snapchat went into another round of venture capital funding -- this time, cash only -- hoping to raise up to $500 million.
High estimates place the company's valuation after this funding round at about $19 billion, which would make it the third most valuable privately held startup in the world, and would match the offering price Facebook made to buy WhatsApp about a year ago.
If you remember, months before Facebook made its largest acquisition to date, it offered $3 billion for Snapchat, which the startup declined.
Pinterest:
Could Also Reach New Peak Value Soon
Speaking of billion dollar social media brands, Pinterest could soon be valued at $10 billion or above, after a funding round raising $500 million, according to Wired.
The image posting social network was valued at $5 billion last year, and the possible doubling in value after its latest funding round, indicates that investors see a lot of potential in Pinterest, which has a particular hold on the female demographic but only recently began experimenting with advertising options.
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