Have social networking sites taken over the world? Or maybe it just seems that way because everything I do gets posted to the newsfeed in Facebook within seconds. If you don't know what I am talking about, you must be one of MySpace's estimated 150million members.
It seems that you can't read the newspaper anymore without a mention of Facebook, MySpace, or any of the other Web 2.0 ventures that have the media giants scrambling to snap them up.
With that in mind, Reuters announced yesterday that they will be starting their own social networkig site within the year. The site will not be the geared toward the normal teenage demographic, but focused on financial traders, analysts, and fund managers.
"You will see us, later in the year, launch a version of MySpace for the financial services community," said Reuter's chief executive, Tom Glocer. "It won't have the latest hot videos and the 'why I am into Metallica and the Arctic Monkeys' blogs. Instead we are going to give our financial services users the ability to post their research or if they are traders, their trading models."
It doesn't sound to me that this social network will have the same draw as a MySpace or Facebook. From what I understand, these financial types are pretty busy people who wouldn't have time to "friend" a financial buddy or leave a message on their buddy's "wall." Maybe the Reuters execs should be asking their teenage daughters for some advice on how to tap into the socail networking giant.
Do you think I'm wrong and Reuters has discovered some untapped goldmine or is it just making a poor attempt at being in the game?
Related Stories: | Topics:Management, media, MySpace Inc., Facebook Inc., Reuters Group plc, Internet, Technology |
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Recent Comments | 6 Total
March 2, 2007 at 5:13pm by Liz
I think Reuters is incorporating themselves into the online world because they are anticipating the young generation hooked to these websites to eventually become MyMoney kind of people.
Great news blog.
March 2, 2007 at 6:11pm by Dhanediesil
I think that it would be a pretty neat idea to focus a social network around a specific subject. Implemented and used correctly, it could eventually end up educating and helping the estimated 77% of Americans now in debt achieve their financial goals.
March 2, 2007 at 6:12pm by Alex Bellinger
It's not just Reuters, there seem to be endless mini-MySpaces catering for niche networks being launched at the moment.
Dunbar's number is quite naturally reasserting itself. I'd bet that most of these niche networks will end up settling around 150 active members. Kicking out scalability for human scale.
Shame about the business model though.
March 2, 2007 at 10:49pm by Jules Yim
I'm in the financial services industry, a private banker to be exact...and I know how my industry peers are - not quite the kind to be involved in social-networking stuff like commenting, blogging or posting up pics. I'm not sure if Reuters' venture will take off.
March 3, 2007 at 10:16am by Dean Collins
I think it's all going to depend on the features and functionality that they put into the site.
Everyone should hold their own until we actually see what they have to offer.
As someone who visits stock chat forums etc from time to time I think that they could get a lot of traction with soemthing like this.
I question what it is Reuters hopes to gain from running a web 2.0 site though. What do they want to provide to 'their' community and what makes you think people are going to stay rather than go elsewhere?
I'm sure Reuters have some proprietary content they can provide to memebers that may interest some people but I think it's going to be all about Gee Wizz functions (and btw dont get it right the first time with something different out of the box then you may as well pack up and go home).
Cheers,
Dean
March 4, 2007 at 9:30am by David
From my experience of working in financial services I'd say most 'bankers', traders and financial analysts are so busy and stressed out I can't see how a social network specifically for these types can take off.
I can't see how this social network or "social Space" which would be restrained by any disclosure of insider dealing anyway, would enhance Reuters brand, visibility call it what you may.
A case of back to the drawing board for Reuters I think. Perhaps they should follow the BBC and target channels on YouTube instead.