Facebook COO sees economic models changing on the Web

>> We had a period of stability I suppose you could say of about 5 to 8 years or so where search was king in terms of distributing the attention of people around the internet ecosystem. People are noticing if you have sites that the referral logs are increasingly Facebook, Twitter and other sharing sites. You must have noticed that while you were at Google.

>> I did notice that.

>> And then you're at Facebook now. So is there any connection laughter.

>> Yeah.

>> And do you let me ask an unfair question. Does

>> I look forward to that. Go ahead.

>> Should Google be worried about that trend?

>> So you know primarily what I saw and we see at Facebook is there is a very fundamental shift going on from what we think of as the information economy to what is more the social economy or the information web to the social web. So the question is how do you get the information you want to get and Google provides a very important service that we think is gonna continue to be very important which is searching publically available sites and answering questions but it's doing that in an anonymous way, it's information from strangers, the wisdom you know of the web. We believe in the wisdom of friends. So an example I had from 2 days ago is my son who's 4 reads the book Where the Wild Things Are and a friend of his told him there's a movie so he wants to go to the movie but I heard from other people that it's like scary so you shouldn't take really little kids to the movie so I posted it into my Facebook status and I don't even think I opened it to everyone just to my friends and I have a larger friend network and I said has anyone who has young kids taken young kids to see this movie and is it too scary? And I got like around 18 comments and basically was don't take your kids to this movie. It's scary and the guys arm gets cut off and I wanted that sorry to ruin it for you, apparently 4 year olds.

>> Wait that wasn't in the book. You did hear what Syndac assumed spelling said about that idea that it's too scary for young kids.

>> No. What did he say?

>> Let them wet their pants.

>> Right ok. So maybe I didn't need so maybe I didn't need the wisdom of friends for this particular example because that would have done it for me I would have definitely not have taken my kid to that movie but I wanted that information from people I trusted who know my kids and have friends and I believe that more than I could believe a publically available source.

==== Transcribed by Automatic Sync Technologies ====