Facebook buddying up to automakers
Thibault Camus / AP
"Facebook Is Determined to Build Ties With Automakers," by Bloomberg's Jamie Butters and Sarah Frier:
- COO Sheryl Sandberg, in Detroit yesterday for an annual Facebook Automotive Summit, "shared a stage with [GM CEO] Mary Barra at a women's-only event ... before the two toured a factory and spoke with about 200 GM employees."
- Sandberg: "Our industries are converging. Detroit's writing software and Silicon Valley is building hardware."
- "Mark Zuckerberg visited Ford ... headquarters and an F-150 truck plant in April to rub elbows with Executive Chairman Bill Ford."
- The plot: "Facebook is focused on boosting sales for video advertising, ... which should help take a cut of the $70 billion television ad market."
- Key stat: "The U.S. automotive industry is the second-largest spender on digital advertising behind retail."
- Why it matters: "Autos and real estate are among the last categories that aren't transacting online, and it's taken longer for Facebook to break into categories with expensive purchases like travel and cars."