Forbes | March 7, 2011 | Agustino Fontevecchia
Google CEO Eric Schmidt, who is soon to be re-deployed as chairman after founder Larry Page takes the reins in April, gave an interview over the weekend from Buenos Aires where he gave clues as to the search-giant’s new social media strategy in Latin America.
“I disagree that the only thing Google can do in social networking would be buying Twitter simply by the observation we have a very successful social network in Brazil, Orkut, which is growing and expanding,” hit back Schmidt after a Reuters reporter asked him if Google would be acquiring the micro-blogging site. After managing to dominate the internet search and advertising markets, Google has seen its dominance questioned by the rise of social media, especially Mark Zuckerberg’s Facebook, but also by others such as Twitter, LinkedIn, and Groupon, to name a few. (Read JP Morgan Starting ‘Social Media’ Fund To Invest In Twitter, Facebook, And Other Private Companies).
Schmidt, speaking from Buenos Aires, highlighted that in its fastest growing region, Latin America, the progress of e-commerce, and Google’s social-networking success with Orkut, are helping to create one of the most dynamic and relevant markets worldwide. Latin America only makes up 2% to 3% of Google’s massive $29.3 billion yearly revenues in 2010, but Schmidt considers “it will become a much larger percentage very quickly. Brazil is, for example, already on its way to becoming our sixth-largest country in revenue.” (Read Petorbras To Focus On Brazilian Production To Outstrip Exxon Atop Oil Markets, CFO Says).
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