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Facebook recently announced a new feature, called “Facebook Places” which allows members to share their locations with friends - and allows their friends to be updated in real-time.

This decision to launch a geographic location tool which allows Facebook users to share exactly where they are whenever they post their status updates, will likely transform online marketing and advertising.

Several social media and internet marketing experts have pointed out that this new development by the social media giant is most likely going to cause a dramatic increase in it’s advertising revenue. This will be due to the fact that the new app will allow for more targeted advertising campaigns.

Professor Pliniussen from Queens Univeristy, Canada described the new development by Facebook as a “marketer’s dream” and noted that this application will allow friends to get together for "impromptu meetings" as they will be able to see if any of their friends are close by (because calling them is too difficult).

The app is only available to Facebook's mobile users (on iPhone’s and Android Phones), unfortunately it’s only been rolled out in the US at the moment, but plans are in place for a global roll out soon.