Social Networking Sites Sold
Categories: Internet
Written By: Hubert Sapot
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As the wrath of financial crisis hits the globe, even online sites were forced to shut down, change ownerships while other more established sites were pushed up the ranks because of the downfall of some micro networking sites.
A long list of sites such as Hi5, LinkedIn, Jive, Pownce, and Value have either scaled back, been sold or shut down entirely.
Of course, there were some big social networking sites who have a strong foundation amidst the crisis such as facebook, myspace and twitter who has a chance to weather the storm.
The bottomline is money makes the world AND THE INTERNET WORLD go round.
Chris Alden, chairman and CEO of Six Apart, says that there simply isn’t enough capital in the current market to sustain so many social-networking companies. “You’ll see more consolidation in the next year or two,” he predicts.
And that bit of opinion is not something that small social networking site should not ignore.
I wonder where Friendster stands. hmm..
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