This is the big question. It’s been the big question for a while. It will be the big question going forward, because let’s face it, Facebook is a much less interesting place to build your business if you can’t make any money doing it.

Erik Karey asks that question today:

According to Facebook Analytics Company, Adonomics there are currently 7,900 facebook applications ranging from virtual pets to poker tournaments to food fights. The options for applications are endless, but are they profitable?

He goes on to break down possible revenue options into three categories:

Affiliate Programs
Sponsorship
Products
The truth of the matter is that so far, several of these methods seem to be working somewhat and none of these methods seem to be working completely. Loading the canvas page with Google ads (yes you can do this) doesn’t seem to work very well. I think it’s going to take something a bit more creative, like the Peanut Labs solution, to really start pulling money in for Facebook app developers.

But that’s only if you’re trying to make money within Facebook, as an app developer. Making money with Facebook is almost a no-brainer if your business and your revenue stream is already established outside of Facebook. Like we did with our BlogTips application, you can use an app to engage with Facebook and drive sales externally, often with incredible results.

In short: yes you can make money with a Facebook app.