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August 21, 2008 8:14:28 AM CDT

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Booming Facebook Closing Gap on MySpace

Posted Jul 24, 08 11:30 AM CDT in Business,  Technology 

(Newser) – Facebook may be No. 2 in the social networking industry, but its 40% growth from June 2007 to the same month this year is closing the gap between it and market leader MySpace. MySpace—which has 72% of the market—showed negative growth in visits for the year, says BizReport. Facebok users spend an average 21 minutes on site, MySpace a full half hour.

Over the same period, social networking site MyYearbook saw 318% growth, and Tagged saw an increase of 45%. Bebo declined 41%. BizReport says users visit social websites 40% more often in the summer than during the school year.

Source bizreport

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Mark Zuckerberg, founder and CEO of Facebook, introduces Facebook Connect while delivering the keynote address during the annual Facebook f8 developer conference in San Francisco, Wednesday, July 23,...   (AP Photo/Eric Risberg)
MySpace still leads the social networking industry.   (KRT Photos)
This image provided by Facebook shows the social networking site's new look,.   (AP Photo/Facebook, ho)
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