Net Hustlin'

In May 2007 Facebook opened its network to developers by allowing them to create applications. Ever since doing this over 1,000 developers have been signing up every day.

An application is anything you can put on your Facebook profile. For instance, there is a Feedburner application that allows you to display the most recent headlines from your Feedburner blogs and Podcasts on your profile.

According to Adonomics, an open analytics website that tracks Facebook applications, there have been 425,485,539 installs across 6,690 apps on Facebook.

Facebook applications can be monetized in any way you can imagine. The most popular way to monetize is selling ad space. Facebook applications that are popular can make good money by monetizing with Adbrite, Lookery, and Google Adsense.

You can also monetize through sponsorship. For instance, a music application can be sponsored by a record company or a game application can be sponsored by a gaming website.

The third way to monetize is by selling goods and services. For instance, you can create an app. that helps people find relevant e-bay auctions or tickets off ticketmaster. You can also create an application that has your own products and services.

As Facebook continues to rise in popularity so does the potential to make money. Facebook will probably soon overtake Myspace and its a good idea to be ahead of the curve before that happens.