Take a look at your iPhone. Chances are, the lockscreen is probably cluttered with notifications about e-mail, news, weather and other information. All of these notifications are produced by separate apps, built by separate developers, and all routed through Apple's iOS.
Now, Facebook wants to take all that information and route it through a platform it controls instead: Notify, an app that's purpose-built to send you notifications.
With Notify, you subscribe to various "channels" that provide you with information you might otherwise get via someone else's app. Want CNN breaking news alerts? You can get those through Notify by toggling a setting. Want sports scores? You can get those through Notify, too. Updates about the new Star Wars movie trailer? Yep. Just make sure Fandango is enabled in Notify.
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Notify isn't just a bid to get you more information, faster. What it really stands for is an attempt by Facebook to become the dominant interface for your own smartphone.
By now, you're probably familiar with Facebook's overall strategy, which is to ensure that consumers spend as much of their Internet time on Facebook. This leads to more user engagement with Facebook, which means more ad revenue, which means a stronger business. Facebook has an incentive to keep you on its social network, or on properties associated with the social network, as much as possible.