Thursday, 29 May 2008

Web 2.0 to Drive Mobile Market

Mobile social networks are quite popular with the Millennial generation, just as social networking is says high tech market research firm In-Stat.In fact, Web 2.0 tools such as blogging, photo and video sharing...

Mobile social networks are quite popular with the Millennial generation, just as social networking is says high tech market research firm In-Stat.

In fact, Web 2.0 tools such as blogging, photo and video sharing, location-based socialization services, games, SMS, and IM will eventually be combined, presenting the mobile user with the entire social networking experience and making the mobile handset an extension of the user in most aspects of life.

"The critical issue most mobile social networking site and application developers struggle with is how to make money with their services," says Jill Meyers, In-Stat analyst.

"There are three primary methods of revenue generation for mobile social networking applications- advertising, subscription services, and premium upgrades."

According to a recent study titled “Mobile Social Networking: Marketing to Millenials", In-Stat predicts a steady growth rate culminating in the number of US millennials subscribing to mobile social networking reaching nearly 30 million by the year 2012.

And although social network advertising continues to be experimental to marketers, 2008 revenues are predicted to reach 1.5 billon dollars.

The study also revealed that the iPhone’s entrance into the mobile market last year has increased user’s expectations on the kind of features they expect out of next generation mobile phones.