Jordan Banks, Managing Director of Facebook Canada, sits down with DigitalJournal.com to discuss the future of media, how social media plays a role and where Facebook fits in the news industry.
It’s easy to talk about Facebook and news media in one breath. The world’s fastest rising social network is upending journalism, mobile technology and digital media. Mainstream media are flocking to Facebook to have two-way interactions with audiences, journalists are gradually recognizing the importance of online networking and news readers are taking advantage of the connected communities Facebook encourages.
Recent stats speak to Facebook’s mind-boggling popularity: More than 500 million people around the world are on Facebook, and they spend a total of 700 billion minutes on the site a month. Also, half of all Facebook members log onto the site at least once a day.
Facebook is reportedly set to pull in $1 billion in revenue in 2010, as the social network has lasting power and advertisers and major brands want to be part of the action. But so do news outlets. You may have seen your local paper’s Page on Facebook, or maybe Digital Journal‘s.
Furthermore, you may have come across journalists promoting their articles on the social network, or asking for sources for their news stories. Name a news organization and they are likely on Facebook, especially if they want to interact to their readership in new ways.
To learn more about Facebook’s influence on news consumption, I spoke to Jordan Banks, Managing Director of Facebook Canada, in an exclusive video interview. Banks is responsible for leading and managing all commercial operations at the Facebook Canada office based in Toronto, Ontario.
Prior to joining Faceboook Banks was with Thunder Road Capital, JumpTV and he helped launch eBay Canada. We wanted to know where Facebook fits in our overwhelming news media market.
How is accessing Facebook on cellphones changing how we consume news? How can media outlets use Facebook to drive revenue? What does the future of media look like, according to Facebook?
This Q&A comes one day before DigitalJournal.com’s Future of Media panel discussion taking place in Toronto at the Drake Hotel, where media experts will speak on news media’s evolving landscape.