Foursquare to Start Charging Merchants
Develops new features in a bid for profitability
Foursquare has a big revenue problem: the social check-in site boasts more than 10 million users and a $600 million valuation, but so far, it hasn’t managed to actually make money. Now, Foursquare is planning to close that gap by charging its 500,000-plus registered merchants to use the site’s services, which are currently free, reports the New York Post.
Foursquare co-founder Naveen Selvadurai told the Post that the company is using its recent $50 million investment to build a “dynamic platform” for businesses and users.
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