Weekly Digest of the Social Networking Space: Jan 30, 2008

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Web Strategy Summary
More money moves into this market in the form of investments and new versions of social networks are launched. WordPress, Moli, and Mig 33 receive the largest chunks. As a potential recession looms, the companies that have raised capital will have a chance to outlast the storm.

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Investing: Mobile Social Network Mig33 raises $13mm
Mig 33 a friendly branded social network lets users connect from anywhere on the globe to their contacts has raised a serious amount of money. I’ll expect a majority of that money to be pushed to the marketing budget in these crowded markets.

Investing: Blogging Software WordPress get funding –go social with $29mm
Automatic, the parent company behind wildly popular wordpress blogging software has received $29.5M in funding, (that’s a lot), which will likely develop social features, including a social networking type of model. Expect social networking to become a feature of nearly every site, including someday this blog.

Investing and Launch: Moli launches, funded $30mm
I was briefed by the Moli team, they’ve launched a social network with an emphasis on user privacy, it appears to be a website with a robust user experience, and many controls for the user to see who can access their information. Of course, time will tell as this crowded market decides on which network will gain adoption. They’ve also received $30 million in funding from private investors.

Valuation: Widget ad revenue was estimated at about $20 million in 2007
MSNBC has an interesting article on widget valuation, and looks forward to 2008. Expect widget networks to continue to gain in growth in 2008, this is where advertising dollars will shift to.

Data: Enterprises concerned over Security and Resources for Social Media
Awareness ran a survey and found out the two many concerns for corporations revolve around the control over data, as well as the lack of resources to manage these programs. They’ve provided a white paper here.

Features: Facebook allows users to optimize profile
It’s safe to assume that many profile pages are overwhelmed with applications, as a result, Facebook has launched a feature that lets you create a separate profile page where you can segment applications. It’s a similar approach to tabbed browsing.

Copyrights: Hasbro misses a key opportunity with Scrabulous
Scrabulous is no more, but does this give birth to a new industry? Hasbro may have missed a huge business opportunity, but we should expect this same issue to occur again as the crowds take control of our brands.

Features: Geni launches news Timeline
With the popularity of Facebook’s newspage, Geni has launched an events update type of feature that lets you keep track of your family members updates, as well as post your own updates. Secondly, they’ve added an improved photo feature, all good features built on top of our first social graph: our family.

Upgrade: Facebook applications easier to embed
Although overhyped (partly my fault) Facebook has made it easier for widgets to be embedded on static websites now using client side javascript code, rather than depending completely on server side code. I’ve outlined exactly what this means for the web strategist.

Widgets: Low revenue from widget advertising
Mashable reports that videoegg’s eggnetwork of advertising is providing low advertising generation for it’s 3rd party widget network. Two things to remember: 1) this is the early days, and adoption and acceptance of this medium has not yet been realize to internet marketers and advertisers 2) Only a few will make a lot of money, and it will come from mass scale.

Leave a comment if this was helpful, or if you’ve anything to add. Feel free to email me if you’ve suggestions for next week’s digest.