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Online Social Networking Industry

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ONLINE SOCIAL NETWORKING INDUSTRY

CHAPTER 1

The social networking industry is growing faster than high-value online advertising markets than in online advertising markets. There will be 1.43 billion social network users in 2012, a 19.2% increase over 2011, according to eMarketer "Worldwide Social Network Usage: Market Size and Growth Forecast" report. According to 2009 figures Facebook has become the largest global social network in number of users In 2012, 63.2% of internet users will visit a social network at least once a month, rising to 67.6% in 2013 and 70.7% in 2014. At those user rates, one out of every five people in the world will use a social network this year, and one in every four will do so in 2014. Social network services provide an opportunity for building of social network among people. These are persons have common interest and the service gives a profile of the user and a variety of additional services. The industry prospers because it enables users to share ideas, activities, common interests, and even services within their individual networks.

There is strong competition within the industry. There are a number of features that social networking sites compete on. The ability to monitor relationship, the creation of preferred friends list, and the level of technical errors are each used to compete against one another.

The barriers to entry include the cost of hosting a service, increasing its usage, and competition for getting advertising. Currently, large social networking sites dominate the markets but barriers to entry are relatively low when niches are targeted.

The threat of substitutes is relatively low as far as generic social networking sites are concerned. The…...

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