Social Media Update

Facebook’s Virtual Currency

Facebook Credits, the virtual currency currently in beta, is due for launch in September. Initially, the credit system is expected to be used mainly in social games, but there’s nothing to stop Facebook connecting credits to the open graph and enabling transactions via third parties. If successful, it could rival PayPal as a method for online transaction, and perhaps even begin to take on eBay and Amazon. In related news, Facebook recently purchased MOL, a Malaysian payment company, which will allow the virtual currency to be sold offline across southern Asia, Australia and New Zealand. As Facebook will be taking a 30% share of all purchased credits, this could be a significant source of revenue for the network.

Social Media Case Studies

Great article from TechCrunch describing six case studies in which Social Media is driving new business. I particularly like the “Creme Brulee Man” – wish someone would do that in London! (Hat tip to @LBi_Belgium for tweeting this story.)

Old Spice Man – Silver Fish Hand Catch!

Hats off to Wieden + Kennedy – the internet has been aflame with buzz about the Old Spice videos. A brilliant example of a truly integrated campaign, they took the popular Old Spice character from the TV ads, gave him a Twitter account, and allowed him to create personalized video responses to questions asked through social media channels. The results have been phenomenal, with mentions of Old Spice going through the roof.

Old Spice Twitter

Mentions of @oldspice over the past 30 days

Sadly, it can’t last forever: in case you missed it, here’s the final sign off from the mighty Old Spice Man…

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