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At current pace, Facebook will eclipse the 700-million user mark some time in early July. That’s the good news for the social network. The bad news – the growth rate has slowed for the second consecutive month, lending to the premise that it has reached its peak and will start to plateau. It’s not because they’re doing anything wrong.

Everybody’s already on it.

While many speculated that the site could hit 1 billion before the end of the year, that doesn’t seem possible anymore. In fact, they will have a hard time reaching 800,000,000 by the beginning of 2012.

InsideFacebook reports that at the beginning of June, Facebook was at 687 million users and grew by 11.8 million in May. April showed 13.9 million new users and the average over the last 12 months was around 20 million.

Does this mean the site is done? Finished? Ready to go the way of MySpace? Of course not. It simply means that in the next few months we’ll see changes in the way that Facebook operates with the rest of the internet and the rest of the real world. Could we see Facebook TV soon?

We say yes.

Written by Connor Livingston
+Connor Livingston is a tech blogger who will be launching his own site soon, Lythyum. He lives in Oceanside, California, and has never surfed in his life. Find him on Twitter, Facebook, and Pinterest.