This weekend, the rapidly growing start-up Foursquare has crossed the milestone of 3 million registered users. The growth rates are really impressive: it took a year to reach a figure of 1 million users, 3 months to 2 million
, and now only 1.5 months have brought another million.
Some people thought that Foursquare was doomed when Facebook presented its Places - somewhat replicating the functionality of a geolocation startup. In fact, Places API has become a platform for services like Foursquare and Gowalla.
Denis Crowley, the founder of Foursquare, admitted that the Facebook announcement marked the beginning of a new era of his service, and recently the number of users has increased by about 180 thousand people every 10 days.
The rapid growth of the startup has, in fact, started since the receipt of funding from the Andreessen Horowitz Foundation. These funds were spent on developing the service, implementing new interesting ideas and expanding the company. A startup recently opened a new office in San Francisco.
Although Foursquare is growing faster than its competitors, many of them have already surpassed the 3 million user mark. Recently it happened with Gowalla and MyTown. Another competitor Loopt in July crossed the line of 4 million.
One of the important steps to increase the popularity of the service was the placement in New York of a giant, multi-level billboard, which actually “shouts” about Foursquare to millions of people.
The slogan reads "Visit [places], find friends, open your city." Small print is invited to visit American Eagle to get something special. Foursquare's business development executive confirmed that American Eagle was really behind the ads, and they decided to place the largest billboard in Times Square. But regardless of whether this is an independent advertising or affiliate, for Foursquare this is undoubtedly a great victory.
Despite serious funding, Foursquare cannot afford to buy such advertising. And although the owner of the advertising platform is American Eagle, advertising exists. And this is a great idea implemented in real life, to keep a competitor Gowalla, activated in the field of offline advertising.
It seems that the placement of giant billboards in Times Square, will contribute to Foursquare, to reach 4 million mark in September. In addition, it became known that the new version of the service will be announced soon.