An extensive look at the future of Facebook’s business by Kurt Eichenwald for Vanity Fair. As he notes:
Then came the miracle of television. And once again, advertisers were flummoxed. Photographs and drawings on signs and in newspapers—sure. Ad copy read over the radio airwaves—got it. But television, with moving pictures—what were they supposed to do with that?
The thought that advertising won’t work online in a variety of ways is and has always been a joke. It needs to be different depending on the format (mobile vs. desktop web, etc). But with so many eyeballs, it will be bigger than all of the other mediums. Probably combined. Soon.