Is Myspace the next Boo?

Boo was the icon of the 1999 Internet bubble burst. Myspace might just be the one for the 2006 version.

Myspace attracted more than 51 million visitors from the US alone in May 2006, that's more than the 48 million that flocked to Amazon during the same period.

The difference however being the fact that Amazon actually sells products with a profit. Myspace is still in its infancy; something that you can notice when comparing it to Yahoo, especially when it comes to adverts and adverts placement.

While the popularity of social networking will not fade in a near future, it is becoming a growing concern as sites like Myspace look forward to grab advertisers eye balls and tackle the monetization challenge.

News.corp, the owner of Intermix (which is both a content provider and an advertiser), who in turn owns Myspace, bagged a substantial deal by paying $580 million in cash for Intermix's 31 websites portfolio.

A relatively small investment means that News Corp sites now stand fifth next only to Mighty Google in the US market in terms of visitors.

Whether News Corp will be able to make it earn substantial revenues is something else.