Facebook Shutting Down Deals Service
Facebook Shutting Down Deals Service
Facebook announced Tuesday it is shutting down its four month-old experiment into the daily deals market. Launched in April, Facebook Deals was designed to compete with Groupon, the unquestioned leader in the segment. The social networking giant initially launched the service in San Francisco, Dallas, Austin, Atlanta and San Diego, but quickly expanded the service into other markets.
With more than 750 million registered users around the world, Facebook assumed it had the perfect audience for a successful Groupon competitor. But as competition in the space has grown, many analysts are questioning whether daily deals can be lucrative given Groupon's questionable financial statements as it draws closer to launching an IPO.
Facebook, meanwhile, asserts that it will continue to work on a way to utilize its popularity to drive consumers to local businesses. “We think there is a lot of power in a social approach to driving people into local businesses," Facebook said in its statement. "We've learned a lot from our test and we'll continue to evaluate how to best serve local businesses."
Facebook announced Tuesday it is shutting down its four month-old experiment into the daily deals market. Launched in April, Facebook Deals was designed to compete with Groupon, the unquestioned leader in the segment. The social networking giant initially launched the service in San Francisco, Dallas, Austin, Atlanta and San Diego, but quickly expanded the service into other markets.
With more than 750 million registered users around the world, Facebook assumed it had the perfect audience for a successful Groupon competitor. But as competition in the space has grown, many analysts are questioning whether daily deals can be lucrative given Groupon's questionable financial statements as it draws closer to launching an IPO.
Facebook, meanwhile, asserts that it will continue to work on a way to utilize its popularity to drive consumers to local businesses. “We think there is a lot of power in a social approach to driving people into local businesses," Facebook said in its statement. "We've learned a lot from our test and we'll continue to evaluate how to best serve local businesses."
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