Facebook Local debuted last week after the social media giant relaunched its Events standalone app. Local will feature information, reviews, and peer-to-peer interaction involving area businesses like restaurants and bars. In other words, Facebook will now compete directly against other industry leaders, Yelp and Foursquare.
Local App Features
A statement released late last week said the app will be available for Android and iOS users across the United States. Local will combine all area places and events by pulling information from Facebook’s limitless database of business pages. By combining event listings into a calendar, Facebook Local will most definitely resemble Yelp’s platform. Recommendations will be based on popular establishments that your friends and family have posted about.
On its Google Play listing, Facebook Local is described as a place to find out what is happening on specific dates around your neighborhood. Like most ads seen along a Facebook newsfeed, the big blue giant will keep the same formula for diagnosing what Local events you’d want to see. Pages with the most likes and reviews will quickly rocket to the top of user’s recommendations, while businesses with little activity will likely fly under the radar. If all of Yelp and Foursquare’s best features will now be available on Facebook, will there be any reason at all to leave the social media site for area information?
Yelp Dominates Market
Two former PayPal employees originally launched Yelp in 2004. The site took off as a top source for peer reviews and ratings. In 2008, Yelp enabled business owners to interact with customers – one of the most popular features of the site today. Less than six years later, the platform recorded more than $30 million in total revenues. The company continues to be the go-to site for reviews and social interaction, but will Yelp feel the heat from Facebook any time soon? Yelp is incredibly stable right now – currently valued at more than $3 billion