I Think I'm In Love...Part II

My interview with Paul La Monica, editor at large for CNNMoney.com, continues as we discuss the Good and Bad of Facebook:

Me: As a journalist, do you see any ways in which Facebook could be beneficial in tracking a leed or gathering information?

PL: Yes. Despite my professed dislike of the site, I am not naïve enough to think that it doesn't have a good use for many other people. And anything that attracts as many users as Facebook does could be something that is helpful to reporters to gather information. Many media companies, CNN included, are using Facebook and other social networking sites like Twitter to quickly gather information and get a sense from readers/listeners/viewers about what they think about topics in the news. This is good. One of the best things about "new media" is the instantaneous feedback.

Me: You may have heard about the controversy a few weeks ago surrounding the change to Facebook's terms of service- a change that gave Facebook ownership of anything uploaded to their site- even after you canceled your account. After an online revolt (similar to the Beacon insurgency), Zuckerberg was forced to reverse the policy. What do you think was behind this policy change? How would owning pictures of Tiffany wasted at Halloween help Facebook make money?

PL: I honestly don't think Facebook was trying to become some sort of Orwellian Big Brother figure. But I do think that the company was trying to prove to advertisers that it has this valuable database of information, even if it involves former members. I understand why the company quickly switched gears. The backlash was fast and, dare I say it, furious. But the controversy just further underscores in my mind why it may be difficult for Facebook to ever be a viable business. Users don't view Facebook as a profit-making entity. They see it as a cool site that has the best technology and interface to allow them to share information easily with their friends, family, etc. Anytime Facebook makes an overt move to try and "monetize" the users, they could run into privacy concerns.

Stay tuned to the third and final segment of my interview with Mr. La Monica in which we discuss the future of Facebook...