According to the Inside Facebook blog, Facebook, the most popular social networking site on the internet, is right on track to making $1 billion (approx. £664 million) in revenue this year. 2009 saw the social networking giant accrue revenue of $700 million, so the $1 billion target doesn’t seem too far fetched.

Unlike other businesses, Facebook hasn’t really seen a recession; the company has just continued to grow exponentially and has recently sprinted past the 400 million user milestone. If Facebook does indeed make it to the $1 billion marker, it could open up a whole new realm of possibilities for the social networking phenomenon.