Why the iLike Facebook application is worth $287 million

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logbook.jpgStill think Facebook applications are just novelty widgets with no intrinsic value? Think again. A developer has just sold on eBay his Logbook application (pictured), which lets people catalogue their music, films and books and make money from Amazon sales.

The winning bid was £2,550, which doesn’t sound like much until you have a look at the application’s page on Facebook, and see it’s only got seven active users. That’s $364 per user, in other words.

Imagine if all Facebook applications were valued in that way. iLike has signed up nearly 790,000 users for its app, which would make it worth over $287 million. In theory. Possibly. Anyway, it’s enough to make me wish I’d paid more attention in computer programming classes at school.

(via Valleywag)

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Stuart Dredge