Although Google doesn’t have many failures shadowing its existence, when it comes to accomplishments in the world of social media, the Internet search giant similarly has few achievements to speak of.
And Google executive chairman Eric Schmidt knows it.
Still, Google isn’t about to give up on all things socials. To the contrary, in fact. According to a feature in Ad Age this week, Facebook and Twitter won’t be getting a social networking from Google in the near future, but all things social – particularly video – will play pivotal roles in the big picture for Google moving forward.
“Our social strategy is to take our current products, get users to give us social information and make our current products better,” Schmidt reveals. Speaking to his company’s current strategy, Schmidt says its critically important for Google to get “more information from YouTube users in order to offer more targeted video.”
Google has taken a lot of criticism for its failures in the social space, where others, such as Facebook, Twitter, Zynga and the now publicly traded LinkedIn, have seen their valuations soar. Asked whether these valuations are indications of a tech bubble, Mr. Schmidt said it was too soon to tell.
“The numbers you’re seeing are coming from a very small number of shares trading in vibrant market,” Schmidt said. “It’s not mathematically correct to say anything. You have to have more supply and momentum.
When asked if a new tech bubble is emerging, Schmidt said “it was too soon to tell.”
Schmidt, not surprisingly, predicts a very profitable future for Google, particularly with regard to the company’s major advancements and successes in display advertising and cultivating user loyalty with it’s Android mobile operating system.