When Facebook launched its open API program in late May, it changed social networking forever. While the idea of an open API isn’t a new, the reality of being able to build a social network on top of an existing one especially one the size of Facebook, is close to revolutionary. If you’re a consumer-facing website targeting a younger demographic, you need must to look at the Facebook platform today. You can be pretty sure that your competitors probably already are.

It’s not easy to create a standalone social network from scratch these days. Those people most likely to socialize on the internet the tweens through twenty somethings are already registered and engaged in one or more social networks. They’ve invested the time to fill out their profile, create networks of friends, and are spending hours on sites like MySpace, Facebook and Bebo. An invitation to a new social networking site is likely to be ignored. In fact, it’s not easy to create any kind of new, branded consumer facing site these days. It usually takes multiple years, millions of dollars, smart marketing and partnership programs and more than a little luck. Facebook is throwing a lifeline to fledgling consumer internet companies by letting them build on top of the Facebook network. The developer platform http://developers.facebook.com lets any person or company, big or small, build applications into the network. Facebook has pledged to treat all services and widgets developed by third parties the same they do their own. It’s an open playing field, if your service is better than Facebook’s then you will be adopted and used by more Facebook users. Although it’s only a few weeks old, several companies have already capitalized on the platform with tremendous success. iLike is the best example, attracting over 3 million Facebook members to its service that recommends music, concerts, and downloadable songs based on your musical tastes and also connects you with friends to share this type of information.

Many other applications are seeing amazing consumer adoption. Whether you decide to forgo launching your own site in favor of building a Facebook app, or it’s simply use Facebook as part of a viral marketing strategy, the open API can change your business. Check it out now before someone else gets the same bright idea you have and becomes the next iLike.

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