By opening its network to developers, facebook has provided a great way to make money of it: applications. Over 1000 new developers are joining everyday and taking advantage of this great money making opportunity.

These are some of the ways people are making money with facebook:

1. Sell Advertising Space: Facebook application websites can make money by directly selling banner advertising space or through advertising networks like the extremely popular adsense and others like Lookery and Userplane. This monetization method is also used by normal blogs and websites.
2. Sell products and services: Developers can make money of their applications by selling products as well, whether through affiliate programs like clickbank and amazon, or directly selling their own products. Among the different things you can sell are: ebooks, webhosting, software and a huge number of other digital products.
3. Sell the applications: Develop the applications with the purpose of selling them to interested parties.
4. Develop facebook applications as a consultant: Good quality facebook applications developers are in extremely high demand. Some programmers are making up to $300 hourly for writing and deploying facebook applications.
5. Write and sell a facebook ebook: The outstanding popularity of facebook these days offers a great opportunity to make money from writing and selling ebooks about it.