Alex Covert
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The current financial crisis is stirring the social network pot, allowing some to rise to the top (or perhaps more appropriately, not to sink so low.) A long list of yesterday’s wonder-sites such as Hi5, LinkedIn, Jive, Pownce, and Value have either scaled back, been sold or shut down entirely. The winners, who still may or may not weather the storm, are Facebook, MySpace and Twitter. Bottom line: Money makes the world, and the Internet, 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.
(technologyreview)References: technologyreview Filed In: |
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