Social networking giant Facebook is moving into the Web's largest market. According to Reuters, the privately-held company is now targeting China with a new Facebook site offered in both simplified and traditional Chinese. China overtook the United States as the world's largest Internet market with 221 million Web users at the end of February this year. Facebook is late to the social networking party in China, as MySpace launched its own Chinese-language site in the country last April. As Facebook's popularity surged worldwide, a slew of Chinese copycats, from Xiaonei.com and Zhanzuo.com also emerged. Facebook has also released French, …

YouTube is embracing longer form content, lifting the previously applied 10-minute limit for clips on its site. However, the test is currently limited to the video sharing site's "content partners," which include a variety of independent filmmakers who have uploaded their movies. YouTube is capping file sizes at 1 GB, which is nearly enough space to load a standard full-length film. As Silicon Alley Insider's Michael Learmonth points out, the average movie on iTunes takes up between 1.1 and 2GBs. Learmonth says that doing away with the 10-minute time limit has "potentially big implications" especially in the revenue department. For …

Digg-clone Reddit has decided to go completely open source, a move that allows third-party developers to see exactly how the social news site ticks. By opening up its source code, Reddit is encouraging developers to create and submit programs for improving the site. However, Mashable's Adam Ostrow points out that doing so could open the site up to "serious gaming," or fraud, as developers would understand how the voting site's algorithms determine the most popular stories that make it to the homepage. Co-founder Steven Hoffman noted the move is a radical shift from how social news rivals like Digg operate. …

GigaOm's James Wagner Au says the short-lived era of the video game blockbuster may have come to an end. Despite breaking all kinds of sales records in its first week of existence, Take Two Interactive's Grand Theft Auto IV has failed to significantly boost sales of the PS3 and Xbox 360. As such, the title has sold just over 9 million copies since its late April release, according to VGChartz, and will be lucky to move 12-14 million total copies. By comparison, its predecessor "GTA: San Andreas" sold 21.5 million copies. San Andreas sold more copies because it had a …

It's a story that's been written before, but it's certainly one that bears repeating-especially when you consider the steady rise of digital amid traditional media's declining ad market: major brands are still not shifting their ad dollars to the Web. Indeed, the top spender on the Internet in the U.S. last year was the University of Phoenix-not exactly a major global brand. The fact that an American university ranks at the top of Internet sponsors highlights a stark reality, says the Washington Post: major U.S. advertisers have (still) not fully embraced the Web. Case in point: P&G, one of the …

Yahoo CEO Jerry Yang took a special trip to Capitol Hill yesterday to calm legislators' fears about a Google-Yahoo search partnership-fears that have no doubt been exacerbated by the intense lobbying efforts of a certain Google enemy. On Wednesday, Rep. Joe Barton (R-Texas), the ranking Republican on the House Energy and Commerce Committee, sent a letter to the Yahoo CEO, worrying that the deal would "have an anticompetitive impact on the online-search market, including the pricing of online-search advertising." In the letter, Rep. Barton also posed pointed questions about how the venture came about and how search data would be …