'Where I've Been' - monetized by
the bonafide 'Platform'
Think an app on its own can't be worth $3 million? Apparently the "Where I've Been" application, featured on Facebook, is. A correction has been made to this story.
Since the release of this story, managing member Michael Dalesandro of Where I've Been has written the following notice to The Editor:
"There have been some rumors in the market that we have sold our business. These rumors are not true. Our future development plans, combined with our robust community of users, current growth rates, and the attractiveness of the travel vertical, have led to a number of strategic discussions with potential partners/acquirers, but we have not agreed to any deals and we are committed to building Where I've Been into a sustainable and profitable standalone business."
"We are, however, exploring all avenues to maximize the value and usefulness of our product for our user base and we expect to announce new product features/enhancements, from both internal development and through strategic business partnerships, in the weeks and months ahead."
Travel company TripAdvisor has shelled out $3 million, the largest Facebook app acquisition to date, for Where I've Been by Craig Ulliott. The acquisition is "the first major successful exit of a Facebook application since the Platform launched," according to Inside Facebook.
"This means Facebook is a real platform," said Founder Naval Ravikant of Hitforge.
Ravikant, a "Facebook platform" investor, admits to thinking Ulliott sold too early. Nonetheless, "$3M is a great return for the amount of time he invested."
Where I've Been has collected 2.3 million users in the handful of months since Facebook first opened to outside apps a few months ago. When the site experienced a deluge of outside applications and a spike in user activity, LinkedIn followed suit. MySpace is also considering the move.