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Suddenly, Amazon Doesn't Love Its Moms Anymore
For social networking, it's all about critical mass. If you can reach a level like MySpace, you just might be able to get $900 million from, say, Google.
But, the cool thing about capitalism is competition. Big-money deals have a way of attracting a lot of attention. Of course, a swarm of competition is gunning for MySpace (for example, every day, I get about two to three social-networking pitches from PR people). The list has been growing ... Facebook, Xanga, Bebo, and on and on.
Well, the competition is not just local. It's global. Look at the latest splash: Cyworld, which is a wildly successful teen social networking site from South Korea. In fact, it basically owns the market in its homeland.
While MySpace has a clunky -- almost retro -- 1996 look, Cyworld is on the cutting-edge of coolness. Interestingly enough, the appeal is to girls.
The business model is to essentially create a virtual economy.
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