Dive summary:
- Foursquare is developing an ad product that will allow digital agencies to use their location and behavioral data to contextualize ads on other platforms.
- The ad product, still in development, will be Foursquare's first attempt to generate revenue outside of the app; until now the app has only generated modest revenue ($2 million in 2012) with businesses buying promoted listings and specials within the app.
- On Wednesday, Foursquare launched a new version of the app that makes local discovery, and not check-ins, the focus of the experience.
From the article:
"Ken Allard, managing director of global business strategy at digital agency Huge, a unit of IPG, said Foursquare's 'unique and proprietary data is incredibly valuable.' He added that the data could be used to predict how temperature will affect whether consumers buy hot or cold drinks."
