But Facebook has experienced its fair share of controversy in hastily shipping products and changes. Take, for example, its latest update to its policies: Users and privacy watchdogs berated the social network for its changes, prompting Facebook to take a step back before enacting them.
Facebook has traditionally served as a prototype for other social networks and businesses, often launching new features and updates with others following their lead. But this year, more than any other, Facebook has found itself going head-to-head and playing catch-up with popular microblogging site Twitter. Here's where Twitter has Facebook beat.
[ How does Facebook regard your privacy? Read Facebook Says User Data Is Price Of Admission. ]
1. Video Ads
Twitter, which acquired video app Vine last October, officially reintroduced the app in January. Shortly after, brands started using the seven-second looping video feature to advertise in sponsored tweets: Wheat Thins and General Electric were among the first brands to try it.
Instagram, which is owned by Facebook, recently announced plans to launch video ads within the next year. But rumors have swirled since last December around when video ads were coming to Facebook. Reports first said that the social network would roll them out by "April at the latest." That date was subsequently pushed back to mid-October, with the latest rumors putting video ads on pause indefinitely.
Facebook, which pleasantly surprised investors and analysts in its second-quarter earnings call, reported $1.81 billion in revenue. According to the social network, 88% of its revenue came from advertising, with about 41% ad revenue coming solely from mobile ads. Video ads, when they're launched, will no doubt boost that figure.