Google buys Jambool, maker of social media money
Google is still on its buying spree and still concentrating on the world of social media slash networking. The search giant is reportedly about to purchase Jambool, a pioneer in the virtual currency business.
Hard on the heels of the acquisition of Slide, and considering their investment in Zynga, and adding in the likelihood of a Google acquisition of yet another company in the social media realm, it is clear that Google has some plans in social networking. The latest rumored investment is the purchase of Jambool, maker of a product named Social Gold, according to a CNET article. Jambool operates the virtual goods monetization platform of the same name. Social Gold enables developers to create and manage their own white-labeled virtual currency, to provide in-app payment experiences to their users, and to optimize their virtual economy using analytics. Social Gold powers the virtual currency and payment solutions for thousands of online games and virtual worlds.
Google is already a player in the real-world monetization and payment game. Its Google Checkout competes directly with PayPal, though it has not yet gained nearly the traction of the now-ubiquitous PayPal. Having a wholly-owned social monetization system would allow Google to compete directly with the Facebook virtual money system, Facebook Credits. It looks like Google is gathering up expertise in the social networking field through acquisitions, perhaps preparing for a direct challenge of Facebook’s supremacy in this area. One hopes that any new effort would fare better than Wave.
Although not much has leaked out of Google about their ambitions in social networking, their acquisitions and investments speak volumes, a classic case of putting one’s money where one’s mouth is. Any social networking battle among Google, Facebook and Twitter would almost certainly be well worth watching. Personally, I’m stocking up on popcorn, Milk Duds, and readying my comfy chair.
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