If I had to guess I'd say a very large portion of Google Ad Words revenue is made up of Funny Shirts. Or San Francisco Dog Walkers or Faucet Sales in Portland.
You're digging yourself into a hole with this position. Very successful advertising businesses are built on small niche advertisers. (valpak anyone?)
The question for Facebook is whether there's enough of these successful advertisers to make a 100B business.
You don't really have to guess. Last I saw something like 15% of Facebook revenue was Zynga-related. So it's likely they're truly worth a quarter of their current valuation or so, on the basis of funny t-shirts and social gaming writ large.
You're digging yourself into a hole with this position. Very successful advertising businesses are built on small niche advertisers. (valpak anyone?)
The question for Facebook is whether there's enough of these successful advertisers to make a 100B business.