MySpace is the story of yesteryears and it appears its not just the popularity that the once leading social network has lost but revenues suffer the same. The killer? Facebook obviously.The latest report puts it quite clearly that in the year to come Facebook will very easily surpass the ad revenues of its rivals in 2010.
Shock, yet another one for MySpace that is desperate to figure out a way to retain some dignity. The numbers count that Facebook will have a substantial $600 Million worth of spending from the marketers compared to $385 Million for MySpace. That’s just a over half of what Facebook is munching next year. That isn’t much surprising to me nor it should be for anyone reading this. Facebook’s traffic and user base has Sky Rocketed in the last four months to a mammoth 350 Million user mark which continues to grow at the same rate. MySpace on the other hand has no where been in news save for newer strategies been sought to boost the use of the social network.
So what exactly has Facebook got to grab such a massive market?
That is quite a simple question to answer and it should be turned around to ask what it hasn’t? Everything. The platform that begun with just means to connect students on campus has become a world leader on the Web and continues to transform conversation and connectivity across the Web. Other than that it has numerous ways to keep users engaged within it. That engagement is the fact that the developers out there have been using their neurons hard to give addictive applications like Farmville, Mafia Wars, to name a few.
I personally think those number are just a bit undermining of what actually Facebook might be crunching for the year ahead. There have already been speculations of it generating $1 Billion in revenue in 2010. Apart from those predictions there has been a massive boost on how the brands are utilizing the platform to their advantage. Take Southwest Airlines’ fan page that is actually promoting its fan page by offering tickets. And that is just based on what is readily visible and I bet with the coming of better methods to analyze data on the platform things would be more fruitful.
Coming back to the predictions, it is obvious that Facebook will outweigh all other social networks combined. I wont be surprised if more firms try and associate themselves to the social network in some way to leverage its name for growth of their own brands.