The social media bubble is at its all time high and people from all over the world have jumped onto the bandwagon to take advantage of the trend, but have social networking sites really got a big lifeline or are they just a passing trend with no real future?
MySpace was one of the sites that started the so called web 2.0 trend. When Friendster launched in 2002, several eUniverse employees saw its huge potential and decided to expand on Friendster's offerings. Within 10 days the first version of the MySpace site was ready for its launch, since then the site just grew and grew and in June 2006 it became the most popular social networking site around.
But has MySpace begun to lose its grip on the hold that it used to have. According to stats, its closest rival Facebook overtook them in 2008 and with the growth of even further sites such as Twitter, MySpace looks set to die out. Executives are already getting out of MySpace as the blow gets set to hit in.
These stats show that the social media arena is not stable and should not be taken for granted as a business model. Social networking sites are like a passing fad, a site can start with very humble beginnings but slowly be over taken by competitors. The reason I think this occurs is simply because of the technology behind it all.
In my view I believe if a site starts getting cloned then it just will not last. I don't just mean any clone I mean really good clones. For example if we look at Digg, just take a look at how all the niche Pligg sites have slowly pulled its traffic, the same happened with MySpace it was just too easy to clone, people started making niche sites that were better than Myspace.
This is one of the main reasons why companies like Google have lasted so long, simply because they cannot be copied or cloned because there technologies are too advanced. Currently speaking the only site I can really see lasting is Facebook and that is only if they keep up to date with the latest trends.
So it just goes to show you that the social media arena is a fickle one and one that should not be taken for granted, the end users will get bored and will just jump on the next bandwagon as soon as it comes along.
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