It’s not just Facebook commerce, or F-commerce as some like to call it, that is languishing at the world’s largest social network. With its IPO on the horizon, there’s reason to start worrying about Facebook’s gaming revenues, according to new research from IHS iSuppli.

Facebook’s problems in the gaming market are quickly summed up by the research firm:

“Facebook’s days as a boomtown for game operators appear to have come to an end, with the total number of users stagnating amid rising barriers to entry, increasing competition and an intensifying fight for consumer mindshare with other social networking activities.”

IHS iSuppli notes that by the end of 2010, about 50 percent of all Facebook monthly active users were also gamers. But while Facebook aggressively added new users in 2011, the absolute number of gamers more or less remained unchanged. Meanwhile, the percentage that were visiting games fell…

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