I wrote a piece on Bloomberg View about Facebook’s vulnerability when it comes to their chief money-maker: app-install ads.

Facebook runs the risk of becoming the second option for the sorts of advertisers that are currently its best customers. Facebook has made several acquisitions that will help them gain more insight into in-app behavior, most notably Parse, and is restarting its F8 developer conference to encourage app developers to incorporate Facebook, but will always be at a disadvantage to the app-platform owners when it comes to understanding actual app usage.

Ultimately, Facebook is doing far better on mobile than most predicted just a couple of years ago, given that it doesn’t actually own the underlying platforms. Yet that doesn’t mean concerns about its future in a mobile-driven world were unfounded. Apple and Google will always know the most about consumer behavior relative to apps, and Google, in particular, won’t hesitate to use it.

You can read the whole thing here.