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Facebook IPO: Jon Steinberg, BuzzFeed (CNBC), May 25, 2012

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Published on May 26, 2012

CNBC: "Fighting to Save 'Face' Book" FRI 25 MAY 12 | 08:40 AM ET

Transcript:
i think facebook will define media in the coming years. social is really the new starting point for how we consume all content and this is the defining company of that transition. they're also redefining ipos at thi does it give you pause -- ipos are sort of disconnected from the fundamentals of of the business. they're really breaking into a new type of product. the sponsored story, the idea of a brand having content, it defines their message, which is really kind of ground breaking. the ipo itself -- as an operator i see the traffic we get from them and other publishers. how can you say the performance of the ipo, when apparently the guidance for revenues was selectively disseminated in the period leading up to the pricing of the deal that the revenues noous were going to be anticipated, that to me sounds like a fundamental in the business. the ads they've been selling in the few years are those number nail units. it will take more time for agencies to come around for them. we see a buzz stream, these perform much better than the interrupted banner. how does it work? if you're seeing it on your own site, the sponsored stories, how does that work? toyota, pepsi, ge, nobody wants banners. if you're a brand, you're going to do social. facebook has 900 million people that are virtually logged in almostry other day. you have to put on content that educates and provides interest to people. that's what we do on buzz feed. we have brand in yellow that are sponsored. we do that instead of a banner ad. it tricky t try to come up with something that somebody doesn't feel like they're being but it isn't masquerading. i admit, i follow some brands on twitter. it really isn't masquerading. it harkens back to the way advertising was when it really was good, when they explained the benefit of a rolls-royce or mary wells doing an advertisement describing how great it was to fly on poochy colored planes. if it yellow, wount -- i wouldn't look at it. we have great infomercials on saturday. let me just sayt first of all. they're some of the finest -- they're ones i actually would watch but who would watch an info commercial. sn. we doing an ad for the toyota preus, which is one of the top 20 hybrid animals. what is do that mean? like a half horse, half zebra. people love this content. they share it -- liger. a brand affinity -- are you saying based on the data you're looking at, to becky's question, are you saving you think the migration for mobile will be successful for facebooken generating more wins. because i'll tell you why. banners were even worse in mobile, 1% 2rks%, as opposed to a banner that has ten basis points. i heard cramer say the problem is in regular advertising, you get $1 for it, when you go to banner adds urn get 10 cents for it. we find in premium direct advertising we get higher rates in mobile than we do at desk top. and if you ve a premium direct ad that has a good performance on, it you should conceive blif get a higher rate on it. like how much? we are getting 50% uptick on mobile relative to desktop.

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