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Dan Frommer on Facebook’s recent IPO filing:

Facebook’s IPO filing this week confirmed what we already knew: Facebook makes the vast majority of its money by selling ads on its site.

But now we know just how much of its revenue comes from advertising: 85% in 2011, with the remaining 15% coming from payments and fees.

It’s been said before, but it’s worth repeating: if you’re not paying for it, you’re the product.

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