More Eyeballs on MySpace, Ad Revenue Still Weak
ADOTAS – Shocker: it’s still hard to push ads on social networks. But the audience certainly keeps coming back for more (especially at MySpace). Hitwise reports that MySpace is the indubitable champion of the social networking space, getting 73.82% of the market share domestically in April.
The runners-up: Facebook with 14.8%, myYearbook with 1.33%, Bebo with 1.09% and BlackPlanet with 0.98%. Though myYearbook’s share is relatively small, it grew a whopping 475% year-over-year. (MySpace lost 5%, Facebook gained 32%, Bebo lost 13% and BlackPlanet gained 15%.)
Despite MySpace’s Master of the Social Universe status, the company still hasn’t nailed a truly profitable interactive advertising revenue model. Its parent company, News Corp., reported that Fox Interactive Media (including MySpace) will fall $100 million short of its $1 billion annual revenue goal, primarily due to ad shortfalls.
Fox Interactive’s COO Peter Chernin, told analysts: “We’re incredibly optimistic about the future of social media and our role in shaping it.” He added that MySpace was tackling its shortfall with hyper-targeting and that it has resulted in 60% larger orders from interactive advertisers and 75% come back for more.
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