Chris DeWolfe – co-founder of MySpace.com has made public his plans to exploit the popularity of social networking sites. DeWolfe recently raised the prospect of a partnership with eBay to offer MySpace users an online shopping service.
Social networking sites do what they say on the tin. Users can create their own page to which they can upload photos, music and videos to share with friends. I used to define social networking sites as Friends Reunited for people who haven’t left school yet but my opinion is slowly changing.
If you have teenager they will probably have a page on MySpace.com and Facebook.com. To score one million cool points with teenagers set up a MySpace and Facebook account and then show it to them.
MySpace had 69 million visitors in May 2007 compared with Facebook’s 27 million.
This captive audience is all ready being hit with banner advertising, which if clicked on often takes users to a brand’s MySpace profile. A good example of this is clothing retailer Abercrombie & Fitch’s. The idea is to set up a community or social network around a brand to encourage interactivity and brand loyalty.
Don’t be fooled into thinking that social networking sites are just for kids. Major brands such as Ford, Proctor & Gamble and Vodafone are all advertising heavily online.
MySpace has constantly added to the services it provides including a classified section and an instant messaging service. Another exploding market is online video advertisements. This is currently at the experimental stage but is certain to be a huge revenue stream.