Facebook’s hotly anticipated flotation is finally in the pipeline for this spring. The biggest tech IPO to date, twice the size of Google’s, will see investors wary about Facebook’s capacity to transform itself from the darling of the free internet to an efficient profit maximising advertising medium.

While Facebook may get most of the attention at the tip of a new new media investment bubble, a bubble within the bubble has grown around social television, supposedly the latest in a long line of next big social media innovations.