by: Dick Stroud
Anybody who reads this blog will know that I am always going on about the way that social networking web sites for the 50-plus are growing like mushrooms on a fine fresh damp morning. This research from Comscore is the metaphorical fertiliser that is stimulating this growth.
Just look at the growth rate. MySpace attracted more than 114 million global visitors age 15 and older in June 2007, representing a 72% increase versus year ago.
Facebook experienced even stronger growth during that same time frame, jumping 270% to 52.2 million visitors.
Just think if only I could capture .1% if this audience? Just think what that would be worth? And so the argument goes on. Seductive isn’t it.
Original post: http://www.20plus30.com/blog/2007/08/50-plus-social-networking-companies-are.html
Dick,
I'm starting to see the social networks morphing and rightly so. I think Boomers want more. How about an alternative to social networks for boomers? Check out the learning community and services at www.myplanafter50.com. This is not a social network but a way to capture the Boomer market for both their benefit and their employers.
>Just think if only I could capture .1% if this audience? Just think what that would be worth?
Good question. Exactly what would that be worth? To an investor who is interested in raw user numbers with a complete disregard for revenue generation perhaps a lot. To you however I suggest it would not be worth much at all. How are you going to monetize these users?
Dick,
Makes perfect sense.. and thanks for taking the time to illuminate your post.. I tend towards the same type of aggressive correlation analysis (in my head, because I live in this space) and wonder why people ask those questions when it seems perfectly logical and clear to me :-)
Have a great weekend!!
And thanks for those generic social network sites, always interested in finding those "stumbled upon" finds
Randy F. Price
SVP, Interactive
Alcone Marketing Group
A few more words of explanation about this blog posting. Most people fall into the trap of thinking that high profile Web sites like MySpace and YouTube are the sole domain of the young. That’s a just good old fashioned youthful arrogance.
Over 40% of MySpace users are aged 35-54 and rapidly getting older. The average age of YouTube users in the US is 39 years old. Useful technology ages fast, always has always will. Have a look at my most recent blog post.
http://www.20plus30.com/blog/2007/08/ageing-web-video.html
The 50-plus will adapt social networking for their own use. This might be like Eons.com (a generic site social networking site) or with the technology embedded into a vertical market site, like waitrose.com. The point is that the web literate 50-plus, who tend to be the better educated, more affluent will quickly use social networking functionality.
http://www.20plus30.com/blog/2007/07/what-will-be-uks-largest-50-plus-social.html
The final point I was trying to make, is the simplistic attraction of the 1% rule. This is when you have a large total market and you justify a venture on only requiring very small market shares. There are 76 million baby boomers – 50% (at least) are Web literate – they are a gregarious bunch and will naturally adopt social networking (say 20%) and surely we can get 1% of this group! If my sums are right that is 760,000 people. Social networking functionality Web sites are inexpensive to create (if you ignore the content!). Bingo, I have the basis of a business case. Get the message?
Hope that helps explain the reason for the blog.
Maybe I am missing something but how are you determining that the growth is from 50 plus?
I see 15+
Help!