Foursquare Reaches 3m Users

Foursquare has managed to cross the three million users mark despite facing severe competition from Facebook’s Places and rival services.

The rising location-based website was declared doomed by industry critics and experts after Mark Zuckerberg’s leading social networking website Facebook launched a similar geo-located service, dubbed as Places.

Location-based service (LBS) provider, Foursquare has reached the three million users milestone as it continues to grow with an impressive speed but has some room to grow before even competing with Facebook's 500 million users.

Dennis Crowley, co-founder of Foursquare told Tech Crunch that the website had reached its maximum number of signups after Facebook announced Places.

The New York-based Fousquare will soon open its new office in San Francisco, as Cowley stated in an interview with Los Angeles Times.

He also added that the portal is growing at the rate of 180,000 users in every 10 days, indicating that the service has little to fear from Facebook Places as it stands

Location based services are proving to be an emerging trend in the Internet market, allowing service providers to not only offer customers location specific services, but also generate revenue from targeted advertising.