500 million 'like' Facebook

Facebook has gained its 500 millionth member, solidifying its position as a valuable marketing tool for reaching a broad number of consumers.

As recently as two years ago, the site had only 100 million members and was in close competition with MySpace. In a short period, the social network has exploded in terms of popularity, gaining 100 million members since February 2010 alone.

As USA Today notes, the majority of the site's new members are joining from abroad. Nearly three-quarters (70 percent) of Facebook users live outside of the United States.

"It has changed in a lot of ways," Randi Zuckerberg, marketing manager for the social network, told USA Today. "Instead of looking at Facebook as a tool to look up other college students, you really feel like you can look up almost anyone in the world."

Offering access to half a billion consumers worldwide, Facebook has become an integral part of many company's branding initiatives. According to a recent report from the Direct Marketing Association, 82 percent of business-to-customer companies use social media, while 71 percent use digital marketing as a form of brand building.