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Facebook is social media. They are dominating this category so much, that the CEOs of Twitter, Pinterest and Snapchat are calling themselves something different. I have pointed this out in the linked articles. Facebook is one of a few platform businesses that have proven the theory of platform business models right. The theory always stated – or should we say assumed – that explosive growth would be possible due to the indirect network effects. A review of Twitter’s, Snap Inc’s, Pinterest’s financials would let us wonder if this is true. A look at Facebook’s financials will convince you that it indeed is possible. How Facebook got there has not been without criticism. It has had great positive but also some grave effects on individuals and communities and the question is whether the platform (and societies were unprepared for some of the ill-effects). I will cover this in great depth because it is so crucial to the trajectory of the business. As always we will be using the business model canvas tool to structure our thoughts.