Facebook will phase out credits in favor of its own local currency starting in the third quarter of 2012 . App developers can now price their own virtual goods using the new Facebook currency which offers greater flexibility in the App and Facebook gaming community.
This move comes after Facebook’s first quarterly report that revealed most of their revenue stems from online games. Since revenues have been relatively flat Facebook needed something new in order to stimulate revenue. Facebook currency and an overhaul of their whole payment system was a natural step.
Forbes reported in an article by Lim Yung-Hui that social gaming is expected to reach $11.6 billion in revenues by 2016. Facebook is the world’s most populated social gaming network and their revenues from social gaming were reported at $378 million for the first quarter out of 15 million Facebook gamers.
The new Facebook currency will give game developers and App builders a new reason to keep improving their game play on virtual goods offerings.