In case you missed it

It’s been another busy week in the fast-changing social networking world. Here are a few updates from The GH Spin’s “In case you missed it” file.

• Time Magazine’s Person of the Year: Facebook founder Mark Zuckerberg was named 2010 Person of the Year by Time Magazine. Time credits Zuckerberg with wiring together a “twelfth of humanity into a single network.” It is clear that Zuckerberg has made an enormous impact on the way we communicate, and Facebook’s popularity is not expected to wane soon – more than 250 million people (or half of Facebook’s members) use the social networking site daily.

• Mobile phone use increases: While this may come as no surprise due to the increasing popularity of smartphones, a recent eMarketer survey found that people spend as much time on their mobile phones as they do reading a newspaper and a magazine combined. The average user spends 50 minutes a day using his or her mobile phone, 30 minutes reading a newspaper, and 20 minutes reading a magazine.

• Myspace integrates with Facebook: Myspace is now letting users log into their Facebook accounts through their Myspace pages. Myspace will import users’ likes and interests listed on their Facebook walls and stream entertainment content based on these interests. According to Myspace, this move will deliver an “even richer entertainment experience” to its users. Learn more here.

Facebook ad revenues skyrocket

Earlier this summer, Facebook reached its 500 millionth member. While the social network’s massive user base receives a lot of attention, its ad revenue is equally significant. This year, Facebook will receive more than $1 billion in ad revenue and is poised to receive $1.7 billion next year. MySpace, on the other hand, can barely retain its advertising. The social network will bring in $347 million in ad revenue this year, a 26% drop from 2009.













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