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Will Reuters call it “MyMoney?”

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.

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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?

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