It’s been a couple years but looks like foursquare is finally selling out and making some cash.
Foursquare is finally addressing that age-old question faced by big, buzzy startups: how are you going to make some real money? The location-based social network is rolling out its long awaited promoted updates, an advertising product that allows local and national businesses to push out specials, news and pictures to Foursquare’s more than 20 million users.
While Foursquare has made a small amount of money in the past on things like brand promotions and allowing merchants to claim their Foursquare venue page online, it really hasn’t had a reliable monetization engine. Over the last three years, it has shunned traditional advertising in favor of creating a fun and increasingly powerful product that works for both consumers and merchants. Now, with the promoted updates, it’s leveraging its Explore technology, which suggests place recommendations to users, to match promoted updates to the people most likely to act on them.
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