I am still checking in on Foursquare. I’m not entirely sure why I do, but it’s become part of my daily routine. Earlier this year Foursquare received $451 million in additional funding. According to Forbes Magazine and an article by Jeff Bercovici from April 12, 2013:
‘In part, it’s the value of the asset that is Foursquare’s application programming interface, or API. While not nearly as visible a part of the business as the consumer-facing app, the API is a hit with developers, some 40,000 of whom use it for location and venue data. That group includes trendy mobile apps like Instagram, Evernote, Waze, Path and Vine. Third-party API calls now total 75 million a day, a number that has doubled in the last 12 months. That’s the kind of growth you might even compare to a hockey stick.’ (a hockey stick??)
I was not aware of Foursquare’s API being adopted by so many well-known platforms. I’ve always liked the Foursquare business concept, and now with multiple potential revenue streams I like it even more. I also think years from now (like 2030) I might be interested in seeing where I ‘Checked-In’ back in 2010 and be willing to pay for that data. It would be interesting to see where I was going, how frequently and all the memories that would go with it. I suspect I am not the only person that might feel that way.
Foursquare has yet to strike it rich for its investors, but quietly and steadily it has been doing many things to enhance its opportunity for long-term success. It would be good if Dennis Crowley and his team picked up the pace as without delivering new and varied value propositions people will tire and abandon the Foursquare ship.
Would you pay a little to check your day by day check-ins from the past?