It’s consolidation time for the social sites.
According to an article in MIT’s Technology Review: Are Social Networks Sinking? (Dec 10 2008), social networks are closing down and suffering from poorly defined money-making strategies (I thought that was a fairly standard situation for this genre of web-based “business”). “A solid business model for social networking has yet to emerge” says Nicholas Economides, a professor of economics at New York University’s Stern School of Business.
Even the biggest are largely funded on the promise of money-to-come, but MySpace and Facebook seem to be weathering the economic storm at present. However, several of the smaller sites have gone under or been gobbled up by larger companies if their technology is of interest.
The information profession has a strong presence within the world of social networking, but there are now so many out there which one/s do you choose to join and what are your selection criteria? Fewer to choose from might not be such a bad thing!