Your personal data is making Facebook insanely rich, and the social network would like you to know that: Facebook executives just told Bloomberg the company's advertising sales are exploding and that they plan to go on a big buying spree.
Sheryl Sandberg, Facebook's chief operating officer, said in an interview with the financial wire that Facebook's biggest advertisers boosted their spending 10-fold in the past year, even as the social network weathered one privacy controversy after another. "They're going big," Sandberg said. "A movie studio last year that did three movies with us — this year... they'll do 10 of them with us." And Facebook is looking to use its newfound wealth to start buying up more companies, and larger companies at that, another executive told Bloomberg.
Of course Facebook should be expected to exploit your personal relationships, information and time for massive, massive amounts of money approaching $1 billion per year. It's a private, venture-backed corporation and this is what private, venture-backed corporations do, they leverage everything in the service of monster growth. It's just easy to forget that fact when the company's slippery CEO Mark Zuckerberg was, barely two months ago, spouting the fairy tale that "it's not about the money... we're not doing this to make more money... It's such a big disconnect that we're doing this for the money."
Congratulations on accidentally getting your top advertisers to increase their spend 10-fold in a media recession, Zuck. Amazing luck, that.