Less than a year ago, there was something of a competition between Facebook and MySpace as to which social network was the best platform for marketers. A clear focus on ad technology made Facebook the clear winner in that contest, and it is now "the premier destination for marketers who are using social media," according to eMarketer.
That accolade comes on the heels of a report that the social network will generate $1 billion in revenue this year, blowing previous revenue projections out of the water, according to Business Insider.
By improving its ad technologies, the social network was able to charge premium CPMs for its highly targeted display campaigns, as well as increase the use of its self-serve advertising platform. Growing its audience to 350 million worldwide members helped too, and Facebook is now a crucial part of every viral campaign.
Facebook isn't expected to slow down next year, either. The social network's targeting capabilities will make it a key piece in the growing field of local online advertising, according to eMarketer.