With its recent partnership, social-networking giant Facebook makes its first foray into physical retail space.
In an effort to bolster its revenue stream, on Sunday Facebook will begin selling Facebook Credits gift cards at nationwide Target stores and online at Target.com, marking the first time the social-networking giant will ever have a physical presence. With the cards, Facebook is hoping duplicate the success of Apple’s iTunes cards, a fact that seems likely given its active user base – more than 200 million people play free social games on the site each month, many of whom are beginning to spend money on premium services associated with these games. In addition to online games, Facebook Credits can be used to purchase web applications and virtual goods. In the coming months, the cards will be available at several other retailers, though these partnerships have not yet been made public. Domestically, the prepaid gift card market is expected to reach $86.2 billion in 2010.
[via USA Today]