Waze is rolling out another update to its “social traffic and maps” service. It is called Places, and it allows users to add information about points of interest on the map

Only a few months after introducing its new feature allowing you to identify friends driving around your vicinity, Waze is rolling out another update to its “social traffic and maps” service.  It is called Places, and it allows users to add information about points of interest on the map – restaurants, businesses, landmarks – by uploading photos and offering helpful advice. For instance, where to park, whether the place is handicapped accessible, how to find a poorly marked entrance, or whether the food is any good.

The Places feature will also remember where you parked your car by allowing you to “pin” your parking spot on a map. That’s great news for absent-minded professor types. You can finally throw away the ratty pink ribbon tied to your windshield.

In theory, Waze’s many users will add information about the places, and this will benefit the entire community. Points will be given to those who contribute, offering no real-world benefits but elevating their status in the virtual Waze community.

So now that we know what’s in it for Waze users, what’s in it for Waze itself, or more specifically for their owners, Google? Here are some thoughts:

5 Ways Waze Is Helping Itself

1)    Helping users arrive at their destination is Waze’s raison d’etre, and local business and landmark information is a natural extension of that service.

2)    When Google acquired Waze in June 2013 for a reported $1.3 billion, there were rumors that after three years the company might just scrap their own Google maps app and replace it with Waze’s (superior) system of maps. Point of interest information is consistent with the kind of information already provided by Google maps.

3)    Location-based social networking is such a great idea that many companies have jumped on the bandwagon, including Foursquare, iCloseBy, Yelp and even startups like KiddyUp that tell you where to find diaper changing spots or nursing lounges in the vicinity. While not necessarily in direct competition, all of these apps benefit from network effects, meaning the more people using them, the greater value they provide to all users. It’s in Waze’s interest to become a one-stop shop for location-based information because If they don’t, someone else will.

4)     As a mobile device app, Waze can provide invaluable real-time information to advertisers. Not only does Waze know that you are driving near Joe’s Burger Shack, but now they also know you’re looking for a place to eat (even though, face it, they probably knew that already).

5) Umm…is their another reason? I’m driving around in circles. Maybe I can crowdsource this one. What do you guys think?