More than 1 million businesses advertising on Facebook

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More than one million businesses are now advertising on Facebook, the company has announced, the first time the social media giant has made such data public.Facebook director of small business Dan Levy announced the figure in a post, saying he would like to thank “the over one million businesses” who are active advertisers.

“I know business owners like these invest their hard-earned money and time into running their companies,” he said, referring to advertisers such as Singapore’s Retail Ministry and retailer Springwools in Ireland.Facebook attributes the growth not to big brands and marketers, but to small, local businesses that have turned to Facebook as a way of reaching increasingly connected and digital savvy customers.Earlier this month Facebook announced it will half its ad units by the end of the 2013 after analysing the feedback received from marketers, who were suggesting the social network’s advertising products were complicated.

Facebook shares rose by a dollar to US$24 on Tuesday, but are still a long way from reaching the $38 launch price.The company also unveiled a site that features small business success stories and tips for advertising more effectively, plus a link where businesses can share their own stories.

Facebook boasts of 1.1 billion users worldwide in its platform.

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