Craig’s List has survived numerous “Craig’s List killers” and will probably survive Facebook Jobs. The classifieds marketplace makes money primarily from fees for job listings and real estate in New York.
Consultancy the AIM Group estimated total Craig’s List revenue at $700 million in 2016. While I’m quite skeptical of that number, if it’s even half that amount it’s still amazing. (Facebook Jobs is mostly indifferent to Craig’s List, although it’s mentioned in the video below.)
The new Facebook local recruiting capability has its own Page, with aggregated postings. Specific openings also appear on company Pages. Users apply directly through Facebook in a streamlined application process that automatically includes information from the user’s public profile.
If it works — meaning there are lots of jobs and lots of applicants — it will further strengthen Facebook’s relationship with local businesses, giving them one more reason to use the site. And given the organic throttling that’s gone on, most companies looking to fill positions will also be compelled to advertise as a practical matter. How much revenue that will generate for Facebook is an open question.
It’s fascinating to watch Facebook evolve from a customer acquisition and marketing platform into a broader CRM/conversational/retention platform with a range of capabilities, including scheduling and booking. This is another non-acquisition tool that makes the site more useful for local businesses.