Created and designed by FaceKoo, Inc., a private company based in Beijing, FaceKoo already enjoys more than 1.2 million members through a successful beta soft launch in March, 2008. FaceKoo, its name derived from the words â€œfaceâ€ and â€œcool,â€ offers free membership and a brand new way of meeting friends via a face recognition system. Other applications that are attractive to young users are also integrated â€“ forums, groups, casual games, voting, online pets and war gamesâ€”all easily accessed through one cutting-edge, customizable interface.
FaceKoo is creating revenue through online advertising, sale of digital goods, and through its latest e-commerce operations. Users are rewarded with Koo Dollars–a virtual currency tied to FaceKoo’s economic system–for contributing contents. Over 7 million Koo Dollars are earned and over 6 million Koo Dollars were purchased. However, online advertising is still FaceKoo’s leading revenue source. Since its niche focus on generation-Y users in urban cities in China, it attracts clients from entertainment industries and online gaming operators.
The Chinese-language-only site targets the huge youth market in the worldâ€™s most populous country–with more than 338 million internet users. FaceKooâ€™s creators are now focusing on converting these young user base into repeat customers on its e-commerce platform.