The Guardian is reporting mixed results on the profitability of social networking. Facebook is doing well, but acquisition and then sale of British Bebo is believed to have resulted in a $840 million loss for AOL. Rupert Murdoch spent $580 million on MySpace but last year had to write off $450 million of its investment. The British commercial network ITV bought a service called Friends Reunited for around $260 million, only to dump it for about $37 million.
They may measure it in Pounds Sterling, but after a while it adds up to real money!
