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There will always be a place for mass marketing, but in the next three- to five years, a website that isn’t tailored to a specific user’s interest will be an anachronism, Facebook COO Sheryl Sandberg told Arianna Huffington at the latter’s Advertising Week event. “People don’t want something targeted to the whole world—they want something that reflects what they want to see and know,” she said. Sandberg and Huffington also discussed Facebook’s privacy issues and a certain movie being released this weekend.

Facebook has had its share of controversy over its terms of use and what exactly members are keeping and giving away when it comes to posting and sharing their personal information. “Our policy on privacy is that everything on Facebook is belongs to our members—we don’t sell it,” she said. “But we want you to share it with as few or as many people as you want. We want to give people control. Web products are complicated. We want people to realize how much control over their personal information on Facebook.”

See more of our latest Facebook coverage.

Huffington also asked for Sandberg’s thoughts on the Facebook movie coming out this weekend. Stiffening a bit, Sandberg said, “I saw it a few months ago.” She added that she thought the film was “very fun, but it was very “Hollywood. It is a work of fiction. If The Social Network were true, it would only show how much pizza Zuckerberg ordered during the formation of Facbook. But you can’t show that for two hours.”

During the Q&A, ClickZ‘s Kate Kaye asked whether Facebook Connect would be turning into an ad network. Sandberg said the company isn’t working on an ad network. “We have a lot of ads to sell already,” she said, suggesting there was no need to extend that to the sites that Facebook members use their IDs to sign into.

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