Tomahawk, WI 01/03/2014 (BasicsMedia) – Google Inc (NASDAQ:GOOG) is full of regrets now in 2014, for failing to the rise of social media. Many analysts have often made this claim whenever this company’s business comes up for discussion.

However, its was the new year’s biggest disclosure by Google Inc (NASDAQ:GOOG)’s former CEO and current chairman Mr. Eric Schmidt when he sensationally admitted that he made a mistake to leave the social media cake to Facebook Inc (NASDAQ:FB).

Mr. Schmidt was the CEO of Google Inc (NASDAQ:GOOG) from 2001 through to 2011, overseeing the company’s public listing on NASDAQ Composite Index. Over the years, the company is seen going from strength to strength, and it is now one the leading earners of online ad revenue. The maximum share of company’s revenue comes from search results, although it also has several other Internet services which contribute to its overall revenue figure.

Google Inc (NASDAQ:GOOG) is also making inroads into hardware market with its release of various smart phones and tablets. This year the company is expected to release its eyewear computer called Google Glass. Essentially, Google Inc (NASDAQ:GOOG) is doing all it can to diversify its operations, perhaps out of realization that no situation is ever pragmatic, and that is needs to boost its ad revenue.

The problem is Facebook

Google Inc (NASDAQ:GOOG) is regretting its miss of social media boat, because the market is what is giving it headache today. Facebook Inc (NASDAQ:FB) which started in 2004 long after Google Inc (NASDAQ:GOOG) is now the leading social media company worldwide. In this position, the company rakes in billions of dollars in revenue every quarter from online ads.

Of late, Facebook Inc (NASDAQ:FB) has been improving its platform to entice more Internet users to boost its membership. The company currently boasts of more than 1 billion users and the snumbers keep increasing every day. Had Google Inc (NASDAQ:GOOG) plotted well, what Facebook Inc (NASDAQ:FB) is earning today would be in its wallet.

It was long after Facebook Inc (NASDAQ:FB) had overwhelmed the social media scene that Google Inc (NASDAQ:GOOG) reacted by launching Google Plus in 2011. But, this app seems to be slow to gain attraction among social media population and its membership is rated around $300 million.

If the position of social media today is anything to go by, it is fair to say that Google Inc (NASDAQ:GOOG) has lost it. No wonder the chairman is not only calling his actions during that time when he was at the helm a mistake, but he is also taking responsibility for having failed the company in the lucrative social media market.

Reverse counter

Since Google Inc (NASDAQ:GOOG) failed to nip Facebook Inc (NASDAQ:FB) in the bud, the company is now erecting against it in the Internet search service. Facebook Inc (NASDAQ:FB) is gradually rolling out online search service, which is presently available only across the selected markets in countries such as the U.S. This service is expected to extend to more other markets this year and the years to come.

If Facebook Inc (NASDAQ:FB) succeeds in its Internet search offering, and given its huge memberships to looks poised to succeed, Google Inc (NASDAQ:GOOG) will have a run for its money defending its search advertisement revenue.

Investors can keep an eye on Google Inc (NASDAQ:GOOG) to see how it counters the opposition to its betters and how it is monetizing its various services for better revenue collection going forward.

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