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Bloomberg hears that Facebook’s 2010 revenues will hit $2 billion, which is higher than the $1.5 billion of prior rumors. But Venrock partner David Pakman outlines how Facebook could get to $20 billion, and it’s not based entirely on the brand advertising on its site that Facebook sells directly, or the self-serve, $1 CPM, lightly targeted ads it offers. Rather, Pakman thinks Facebook can take a cut of virtual goods sales – today, that’s games – to the tune of $4 billion in three years. More important, if it built an ad network to sell off-site ads targeted by its Facebook Connect data, he thinks Facebook could make $15 billion a year. I like his thinking, but the bulk of ad network revenues go to the holder of the inventory, not the network. Google sold $4.1B worth of ads through its network and paid out $3.4B of it in 1H10. Pakman must think a Facebook network would be huge, and support high-priced video and display inventory. One of my own predictions for next year is that Microsoft starts to build that network for Facebook, easing Facebook privacy PR requirements, and paying very profitable licensing fees.