The two words you need to know about the future of Facebook: “Ubiquity” and “China.” Part 2 of last weeks Business of Facebook event.

The Panel

David Berkowitz Senior Director, Emerging Media & Innovation, 360i

Adam Elend Partner, Bright Red Pixels, Co-Creator, WallStrip

David Kirkpatrick Author, The Facebook Effect

Ian Spalter Executive Creative Director, R/GA

Jerry Spiegel Partner, Frankfurt Kurnit Klein & Selz PC

Breakfast Sponsor

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Well, hello Wednesday…where is the week going?

How about a few digital morsels this morning to get us up and running?

Glad you’re with us…

And here I thought it was just because I have A.D.D… [NY Times]

Unlike other android phones, AT&T’s androids (the first ones, anyhow) will be using Yahoo! as their default search engine [PaidContent.org]

Speaking of Yahoo!, if commenting on random mainstream news items is your thing, this will probably put a smile on your face [PaidContent.org]

And speaking of AT&T’s androids, here’s Gizmodo’s review of the first [Gizmodo]

Now, here’s Engadget’s [Engadget]

Yeah, Toyota, Twitter should fix everything… [TechCrunch]

Borderline embarrassing admission of the day = I probably would’ve downloaded this app [TechCrunch]

I’m not sure this is the best name for it, but this touch-interface is pretty cool looking [Gizmodo]

Sony’s $199 “personal internet viewer” is now available for pre-order [Engadget]

Many thanks to Kelly Samardak from Media Post who covered this week’s event and also to For Your Imagination Studios for hosting…. We’ll follow up with a program on how to measure the return on investment on a social media campaign.

MediaPost Publications Just An Online Minute

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The audience at last night's Digital Cocktails event

Digital Cocktails' Socia Media Panel (l-r) Paul Kontonis, For Your Imagination, MATTER, Edelman; Matt Heindl, Kirshenbaum Bond; Jessica Amason, BuzzFeed; Katy Kelley, Carrot Creative; Adam Penenberg, Author, Viral Loop

Last night we had a great turnout at Gotham Media’s Digital Cocktails event focused on creating the perfect social media campaign. You can get a sense of the discussion from the Twitter feed (#smwgotham) and we will have video highlights up this week. Thanks to all… We hope you will make it to our follow up event on measuring the impact of social media campaigns (especially the return on investment).

Last week’s standing room only event on “Social Media: The Real Bottom Line” touched on a number of major issues facing the monetization of social media in today’s economy. Most of the panel agreed that ultimately an advertising based model will come to the fore and that the “majors” (i.e. Twitter and Facebook) will soon “switch the level” and start to justify their sky high valuations. It is a panel and a theme that we’ll come back to frequently in 2010 given the extraordinary interest in the subject.

I had a chance to sit down with Reed Phillips, a longtime media banker and managing partner of DeSilva + Phillips to talk about the media industry just a couple of days before last night’s announcement of the GE-Vivendi. While the bulls may not be back, he is cautiously optimistic about the industry and it’s future prospects. But print media be warned – you have only a short window to adapt yourselves to a working digital business model…. The fat lady may not be singing, but she’s on her way to the theater! Reed will be one of the participants on Gotham Media’s “Media Forecast 2010″ panel on January 14.