Thursday, December 11, 2008

Are Social Networks Sinking?

"The air seems to be coming out of the Web 2.0 bubble, squeezed by the economic downturn and the absence of many solid short-term business plans.

"Dire market conditions have forced virtually all social-networking firms to scale back. In October, Hi5, the third most popular social-networking site, announced that it would cut between 10 percent and 15 percent of its staff. And in November, the business-focused networking sites LinkedIn and Jive said that they would slash their work forces by 10 percent and 40 percent, respectively."

Full report at abc News...

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