Foursquare and the search for revenue
Foursquare has been a pioneer in local, mobile social media but it is yet to develop a significant revenue stream. This week they announced a program that may address that little problem. Promoted Updates will become a paid opportunity to appear in a user's Explore tab when the user is nearby. Marketing Land provided the program details of an effort that is being described as 'search ads for the real world'. Looking at the broader context, Venture Beat looked at foursquare's need to move away from being a check-in service and towards a utility making that real world easier to use.
Foursquare also announced a second major new feature named Local Updates, which are free and appear in the user's Friend tab if the business has previously established a relationship with the user. Website Magazine took a quick look at how merchants might use Local Updates and Open Forum provided the overview of how all of foursquare's recent changes could help local marketers.