Social networking sites are all the rage and growing fast. A little over a year ago on July 19, 2006, Rupert Murdoch's NewsCorp (NYSE: NWS) paid $580 million for MySpace.com. It has continued to grow and establish business partnerships, bringing comments that this was the biggest deal of the new millennium, and garnering staggering valuations that it is worth upward of $10 billion.

Early on, my teenage daughter was spending countless hours on the site (and probably yours, too) with her friends and it has grown to be a real community. But that success was bound to be copied, and now it appears that Facebook.com is stealing some of MySpace's thunder.

According to reports, Facebook is growing faster than MySpace, and having started on college campuses, caters to a better educated and more affluent customer base. My daughter, now in college is making the switch. This does not mean that there is not room for both of them, but it does indicate the market is still wide open and that there is plenty of opportunity. It is rumored that Facebook has already turned down multi-billion dollar offers to be acquired and is gearing up for a grand IPO some day in the foreseeable future. Based on all the hype and the growth of the site I do not think I would be going out on a limb to suggest an IPO would be the hottest thing since Google Inc. (NASDAQ: GOOG), and they know it.