Cyworld : How Korea took the lead in Social Networking

Fresh from my blog entry on how Myspace could be the next Boo, I read an interesting article on its South Korean equivalent, Cyworld, which happened to be launched back in 1999.

Cyworld has nearly 30 million pages impressions an hour, which is phenomenal by any benchmarks. What is even more impressive is its ability to generate cash.

Like Myspace, the user has a basic webpage but where the Koreans innovate is their ability to allow the end user to decorate their webpage with whatever they want, from background music to background for a minimal price. Some users even launched businesses on top of Cyworld.

I strongly envisage that Cyworld might even launch a 3D version of its social networking site and convert it to a Simworld equivalent. They are already generating revenues of more than $110 million and has attracted more than 92% of young adult Koreans.

Cyworld is set to go head to head against Myspace in America, China and Germany and several other countries. It seems like Rupert Murdoch has a serious competitor on its hand.