Geotagging will eventually change the way we live, compute, and work and lead the way toward Internet 3.7. Actually it won't, but it's still pretty novel and will be helpful new dimension to understanding the subject of an image or video. Geotagging is the process of adding geographic location specific tags to image and video content.
A good example of geotagging folksonomy can be found on Flikr's Map Page. Flikr added a feature on their site just over a month ago where users can drag their photos over a map in order to identify the location where they were shot. 30 days later a ridiculous 4.1 million photos have already been geotagged.
If this phenomenon catches on, you will see examples of geotagging all over the Internet. The potential is a new way to index sites and content based on location. The applications range from consumer review to news to blogging and more.
Geotagging will give advertisers yet another way to target advertisements, based on geography.
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