Here are your social media business updates for Friday:
Google Nearly Quadruples Advertising Budget In 2011: While there’s been significant buzz around whether or not the company’s social network will take off, Google (NASDAQ:GOOG) is damned well trying. According to a morning report from Search Engine Watch, Google spent $213 million advertising its products last year, far above the comparatively meager $56 million from the 2010 budget. The report notes that a respectable $12 million was geared towards promoting Google+, suggesting that the tech titan holds high hopes for its fledgling social network — and will go to aggressive lengths to promote it.
Facebook Going Public Could Build Interest in the IPO Market: While there has been enormous anticipation around the upcoming Facebook IPO, general investor interest in IPOs seems to be gaining steam as well. According to new analysis from Bloomberg, with Facebook going public early this May many investors seem bullish around IPO investments. Bloomberg contends that while investors still feel a sting from the Groupon (NASDAQ:GRPN) and Glenco IPOs, there seems to be a swell of optimism around Facebook’s IPO that could splash onto the broader IPO market as well — especially positive news considering the recent hesitation around tech public offerings.
LinkedIn Augmenting ‘People You May Know’ Tool: LinkedIn (NYSE:LNKD) has thus far proved durable among social networking companies, with its stock staying strong upon going public. However, it also seems that the resolute professional networking site is further renovating the features with which its users engage one another. PCWorld reports that LinkedIn is in the process of increasing the sophistication of its “People You May Know” tool, with a promising new iteration currently in beta. LinkedIn is apparently increasing the sophistication of its standard networking algorithm — and is testing its ability to create a more fluid hub-to-hub network of professional connections.
Adam Patterson is an Assistant Editor of InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities. For more on social media, check out our previous Trending Social Media stories.