Social networking – the province of established media?

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An article in The Observer about the maverick Web entrepreneur Dan Wagner is sceptical about the millions to be made in social networking sites.

Although most have yet to make a profit, several social networking sites have sold for enormous sums. Wagner is launching shopping website Osoyou: which aims to use peer reviews and user-generated content to try to recreate the social experience of shopping online.

The article concludes that “there is already a fin-de-siecle feel about Web 2.0’s user-generated ethos and old-media publishers with deep pockets are finally waking up to the opportunities the internet presents. IPC launched goodtoknow.com, a portal aimed at middle-aged women, earlier this month and Emap has put large sums into Heat magazine’s companion site heatworld.com. Competition is becoming stiffer by the day and many believe established brands with good relationships with media buyers stand the best chance of prospering.”

http://media.guardian.co.uk/city/story/0,,2161454,00.html

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posted by Helen Whitehead at 5:09 AM 0 Comments

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