A good article by the New York Times reviews the rapid growth of MySpace into the world's largest social networking site with an estimated monthly user base of 110 million people. MySpace has lost plenty of media coverage to Facebook over the past year but it remains a significant web property and powerful advertising tool. The site was sold to Rupert Murdoch's News Corporation for US$580 million in 2005 and is now expected to generate around $800 million in revenue from advertising in 2008.

MySpace certainly faces a big challenge from the rapidly growing Facebook, which is making better use of technology and user applications, plus has a cleaner interface and higher demographic profile. However, with such a global reach and established user base, MySpace remains in a strong position to take advantage of social networking trends over the coming years.