Foursquare, a Web service that lets users share their whereabouts, already offers free tools to 500,000 businesses. The New York-based company will eventually begin charging for additional services that help monitor shoppers, [Foursqaure CEO Dennis] Crowley said yesterday in a televised interview with “Bloomberg West.”
“It’s going to be the tools that we offer these local merchants,” Crowley said, when asked where the company would generate the majority of its revenue in the future. While there are no immediate plans to charge for new services, “it’s something that’s on our road map,” he said.
That suggests to me that now the company is learning to slice and dice all the data in meaningful ways that will make it compelling to its potential clients. Other players in the LBS space are using advertising as the key revenue tool.