Facebook may announce the launch of location-based services on its site during today's press conference, market analysts have predicted.
According to Businessweek, analysts suspect that Facebook will introduce the new feature on its site very soon.
The company has been talking about developing location-based services for a long time, but has so far refused to give much information on its plans.
The location-based services will allow its 500 million users to share their location with friends and use location based applications.
With the potential move, Facebook will have its eyes set on the lucrative location-based advertising market, which is predicted to grow to $4 billion by 2015.
Facebook, using the massive amount of location data generated by 500 million users, will allow advertisers to release targeted adverts based on the real-time location of its users.
In a statement to Businessweek, Augie Ray, a Forrester Research analyst, said: “Facebook already has done a great job of growing its advertising products. This is just another piece of information that will help it do a better job of that.”