14 DAY TRIAL // Foursquare has been in the news a lot lately, thanks to huge valuations and a surging number of users. The location-based service is generating a lot of hype, but no one knows if this will translate into actual mainstream success. One sign that may point in that direction is that it’s starting to get attention from mainstream celebrities, or rather, politicians in this case. None other than California governor Arnold Schwarzenegger has now joined Foursquare, using it to check into, where else, the Governor's Office.
He’s not the most active of users, but the fact that he, or someone in his office, as it is usually the case, is using it, is telling enough. Twitter exploded after it became popular with several celebrities and Foursquare may do the same. The startup has followed a path quite similar to that of Twitter, being the start of the SXSW conference last year, just like Twitter was in 2007. Again like Twitter, it’s also doing great in terms of hype, but less so in terms of revenue. But whereas Twitter has officially passed the 100-million-user mark, Foursquare has just over one million.
That number is growing quickly, which is part of the reason why investors and other companies are lining up to get a piece of Foursquare, or even the entire company. There have been plenty of rumors lately with Yahoo, Microsoft and even Facebook billed as potential buyers. In terms of venture capital, plenty of big firms have been listed as interested in investing.
While rumors are still flying, they may come to an end soon, as Foursquare is getting ready to decide how it will proceed. The company’s Founder, Dennis Crowley, has said that, in a couple of weeks, at most, the financing issue will be resolved. He’s not saying which path Foursquare will take or who the company has been talking to, but that’s to be expected. He does, however, note that plenty of the rumors have been way off so far.