Friday, November 17, 2006

Another social networking UGC site bought

Yahoo has bought, according to brand republic. I guess it's the response to failing to buy YouTube.

Says President and CEO Mike: "With Bix's platform focused on talent-based competitions combined with Yahoo!'s global audience and leadership in social media, as well as its sales and marketing muscle, we will take Bix to the next level. Expect many more contests with cool prizes, more community features, tons of entertaining content, and integration with many of your favorite Yahoo! services."

Sponsored contests (from both advertisers and consumers) has been the revenue model so far - a rather more engaging way of marketing than most seen in old media. I'll be keeping my eye on this.

The New York Times, said: "Some advertisers are using the site to reach potential customers. Six Flags, for instance, has created a contest on called the Great American Scream-Off, in which participants upload videos of themselves screaming — as they might do on a roller coaster — for prizes including free passes. Yahoo would not discuss how much it charges advertisers to sponsor contests."

The rate of change is so rapid it's difficult for one person to keep up to speed. Let's pool our thoughts, share our reactions and, who knows, even reach some shared conclusions worth arriving at?