I have been a big fan of Foursquare since I have tried it couple of years ago. I believe the technology is great, and you can clearly see how businesses could use the service to generate in-store traffic, and therefore revenues.
But for a little while, whereas geolocalization has been a hot trend lately, Foursquare seems to struggle. I recently read an article about why people stop using Foursquare. And I must admit I understand them. After a fast start, with a high adoption, a lot of place registered, and even some specials.
But still, with all this potential, they haven't been able to convert the service to its full potential. Still I believe Foursquare has a bright future ahead of it.
Recently, Foursquare raised $41 millions in order to keep on building its capacity to generate revenues. Let's hope it will be enought to buy some time to develop the business model: Foursquare is worth $600 million but only got $2 millions in revenues last year.