Facebook’s Location Product Is Around The Corner

-Map Icon- According to an Adage story this afternoon, Facebook is preparing to roll out their location product as soon as later this month. Additionally McDonald’s will launch an application that integrates with the location feature. The company was granted early access to the location service thanks to a large ad buy.

From the sound of things, the initial implementation will be focused on attaching location to users’ status updates. It’s a similar implementation to Twitter, who launched their location feature two months ago. While users probably envision maps tracking where all their friends are currently located, it sounds as though the initial feature is an optional location attachment to status updates.

Many attendees of Facebook’s f8 event were disappointed that the company didn’t launch a location product at the highly anticipated developer event. However as we suggested, the company is preparing to roll out numerous new products, including the location feature.

Location has probably been one of the most anticipated features over the past year or so, much of which has coincided with the rapid growth of Foursquare, the location start-up that is reportedly considering an acquisition for more than $100 million. Despite not knowing how the location market will evolve over the coming years, Facebook wants to get a relatively early jump by enabling users to simply share their location into the feed.