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August 29, 2019 06:52 pm

Ten Years On, Foursquare Is Now Checking In to You

Location social networks never took off, and Gowalla's star burned out fast. Gilt sold at a loss. And Tumblr, recently sold by Yahoo for less than 1 percent of what it originally paid, has become a cautionary tale. If you haven't been paying close attention, you'd be forgiven for assuming that Foursquare had fallen prey to the same fates as its once-hot peers. From a report: But you'd be wrong. This year, Foursquare's revenue will surpass $100 million, a critical mile marker for any company on its way to a public offering. In fact its story of success is a perfect tech-industry parable: A charming, rickety, vintage-2000s social app that's survived the last decade by evolving into a powerhouse enterprise data-extraction business. In 2014, Foursquare made a decision to shift its attention from its consumer apps to a growing business-to-business operation; five years later, 99 percent of Foursquare's business comes from its software and data products. Its clients include Uber, Twitter, Apple, Snapchat, and Microsoft. The company is still shining brightly, not because location-based social networks or New York's start-up scene have finally reached escape velocity, but because Foursquare had something that other start-ups didn't: location technology rivaled by only Google and Facebook. [...] By 2014, Foursquare made the decision to focus on providing software tools and data to app developers, advertisers, and brands. Foursquare began charging developers for the use of its location technology in their own apps (it has worked with more than 150,000 to date) and selling its data to brands, marketers, advertisers, and data-hungry investors. The company's tools could measure foot traffic in and out of brick-and-mortar locations and build consumer profiles based on where people had recently visited. Soon, Foursquare began brandishing its power with public market predictions. It projected iPhone sales in 2015 based on traffic to Apple stores and, in 2016, the huge drop in Chipotle's sales figures (thanks to E. coli) two weeks before the burrito-maker announced its quarterly earnings. Co-founder and executive chairman Dennis Crowley says the human check-ins gave Foursquare engineers and data scientists the ability to verify and adjust location readings from other sources, like GPS, Wi-Fi, and Bluetooth. As it turns out, the goofy badges for Uncle Tony that made Foursquare easy to dismiss as a late-2000s fad were an incredibly powerful tool. [...] In addition to all of those active check-ins, at some point Foursquare began collecting passive data using a "check-in button you never had to press." It doesn't track people 24/7 (in addition to creeping people out, doing so would burn through phones' batteries), but instead, if users opt-in to allow the company to "always" track their locations, the app will register when someone stops and determine whether that person is at a red light or inside an Urban Outfitters. The Foursquare database now includes 105 million places and 14 billion check-ins.

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