The year was 2008 and Zynga had it all figured out. Facebook became a portal to games for those who had never played. Viral growth there was unchecked. Facebook ad rates were low, so buying traffic was cheap. And most games were played on the desktop. But soon everything changed, and Zynga never recovered.
Here’s a look at four big shifts that caused Zynga’s power and share price to plummet.