Would you pay $7 to promote a friend's facebook status? Facebook is betting that you might. The examples they give are friendly, do-gooder ones that make paying to promote a status seem like a good samaritan act:
“If your friend is renting their apartment out and she tells her friends on Facebook, you can share the post with the people you and your friend have in common so that it shows up higher in news feed and more people notice it,” the company told Bloomberg.
Promoted posts will only be able to be seen by people who were initially authorized to see the original post (making your decision on whether to click "public," "private" or "friends of friends" potentially crucial to Facebook's revenue). People can already pay to promote their own posts, which only have a 15% chance of being seen by a friend who checks Facebook.
Facebook has an algorithm to try to predict which of the potentially thousands of posts you might see you will find most interesting. What their new service does is allow you to pay to bypass the algorithm and put your post at the top.
Will this catch on? Will political campaigns, non-profits and even private companies figure out ways to use Facebook's new plan to their advantage? And will this provide a substantial revenue stream for a company trying to leverage their massive power and databank into profit? Let me know in the comments.