Transferring Business Models across Nations

A Case Study on MySpace & CyWorld

May 2008

Prepared By :
Pauline Ng Wan Ching, Athena Kang Hui Pei, Aloysius Quah Chin Yeow
This case was researched and prepared by Pauline Ng Wan Ching, Athena Kang Hui Pei and Aloysius Quah Chin Yeow, under the
guidance of Practice Assistant Professor Michael Netzley. This case was written for the purpose of class discussion and is not in-
tended to illustrate either effective or ineffective handling of an administrative situation. Academic institutions may copy this case for
free so long as this copyright notice is included on all reproductions. Copyright © 2008.

Singapore Management University Pauline Ng, Athena Kang, Aloysius Quah

Singapore Management University

Hyun Oh Yoo, CEO of CyWorld, alighted from his flight after a grueling 8 hour meeting with his
team in Germany. Despite having only entered the market for a mere 6 months, they had come to a
painful conclusion to close CyWorld in Germany. Had CyWorld’s amazing success in South Korea
brought about complacency in the team as they entered the lucrative European market? Hyun Oh
Yoo needs to work out the numbers and the problem as he plans for the next leap into the US mar-
ket. On the other side of the world, Thomas Anderson and Christopher DeWolfe of MySpace enthu-
siastically discussed their plan of introducing MySpace into South Korea with their development
team. They just received news of CyWorld pulling the plug in Europe, and they are not intending to
make the mistakes that CyWorld did.

Rise of Social Networking Sites

Internet evolution from Web 1.0 to 2.0108 in the past few years can be seen from changes such as
Britannica to Wikipedia, Geocities websites to blogging, Napster to iTunes etc. With this change
follows an evolution of user expectations and emergence of new Internet business models, one suc-
cessful model of which is a result of the former, social networking sites.

Social networking sites (SNS) are defined as web-based services that allow individuals to (1) con-
struct a public or semi-public profile within a bounded system, (2) articulate a list of other users
with whom they share a connection, and (3) view and traverse their list of connections and those
made by others within the system3. Some popular sites currently include Facebook, MySpace, Win-
dows Live Spaces, Twitter, YouTube, Flickr, QQ and CyWorld. Windows Live Spaces, MySpace
and Facebook attract 120 million, 110 million and 70 million registered users respectively70.

SNS basically allows users to create a personal profile and can be broken down into internal social
networking (ISN) or external social networking (ESN). The former with examples such as a com-
munity within a company or association etc, and the latter offers examples such as MySpace and
Facebook. An ESN is public and available to all web users to communicate and are designed to at-
tract advertisers although they can also be specialized communities such as DeviantArt. “People are
no longer confined to social networks in the near physical neighborhoods. The bond to family and
spatially co-present others are decreasing and people actively construct their social relations, be-
cause of the relations based upon shared interests and common goals.” (Giddens 1991)

These websites do not usually charge users membership fees but has their revenue coming largely
from advertising. Other than that, sites have also creatively devised other ways to monetize their
product such as the creation of online marketplaces (Facebook), or selling professional information
to business (Linkedln) and microtransactions (Cyworld). With the rapid rise in the popularity of
SNS, it is not uncommon for users to be registered with more than one SNS. This trend thus ac-
counts for the rise of social network aggregators such as Jaiku69. Users are now able to integrate
their online activities such as tracking their blog posts and comments using these aggregation plat-
forms. In March 2008, The Economist reported that SNS are beginning to move away from “walled
gardens” to more open architectures. The adoption of open social, the common set of application
programming interface (API) developed by Google, by many SNS such as Plaxo92, reflects the
movement away from the “walled gardens”. Walled gardens refer to an online environment that
controls users’ access to web content and services.93

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However similar in nature SNS may be, there are recognizable differences in business models as
these sites originated from various parts of the world and are modeled to cater to the preferences
and culture of the locals. Social networking and community sites face several challenges of building
a profitable community and identifying what is it that users value in the service. The MySpace
business model originated from the West, and its success motivated the company to launch custom-
ized business models in other countries. Some companies started similar services based on the
MySpace concept, but these models did not translate well into less developed markets.

The MySpace Story

MySpace started in L.A in 2003 as a small company overseen by Brad Greenspan (eUniverse’s
founder), Chris DeWolfe (current CEO), Josh Berman, Tom Anderson (current president), and a
team of programmers from eUniverse. It was formed with the idea to create a community where
amateur musicians could share content, and hopefully get noticed. MySpace’s primary aim was, no
doubt, to undermine big businesses and provide opportunity for individual musicians to have a plat-
form to get their music heard. Friendster, started a year before, had in a way, kick started the social
networking trend. Instead of taking the stringent censorship and copyright approach like Friendster,
MySpace took the opposite approach and allowed users to freely post whatever content they
wanted, as long as it is not directly detrimental to anyone. And since then, as the community grows,
its purpose has evolved into that of personal expression and content sharing.

According to Jack Myer’s report on MySpace in 2006, it was mentioned that MySpace’s success
“does not lie in the fact it is a social network per se: it lies in the nature of this network’s members.
Because the site operates as a peer-to-peer community, it has rich intellectual capital, speed of
communication, wide reach, and a strong sense of community. These elements are strengthened by
the fact that MySpace is a peer-to-peer Y-Gen community. That means relevant intellectual capital,
constant communication, wide influence, and a strong need for community.”94

Some of the features that can be found on MySpace include Instant Messaging (IM), Bulletin
Board, Groups, Music, TV, Mobile, News, Classifieds and Karaoke. MySpace has now been
launched in 22 countries around the world and available in languages from Spanish to French and
English is the most widely used. And according to Alexa, since YouTube videos could be embedded
onto MySpace user pages in 2005, the former has been the faster growing website on the Internet.106

Since the acquisition by NewsCorp in 2005, there has been a stream of efforts to strength the reve-
nue through third party marketing. MySpace started to integrate advertisers as members of the on-
line community, providing them with relevant and useful marketing tools. This move has increased
their ad revenue healthily thus far despite their user model possessing no paid for features for the
end user. Google signed a US$900 million deal to provide a search facility and advertising on MyS-
pace on August 2006.95 The MySpace model has also resulted in the creation of their own MySpace
economy. Many businesses spin-offs were started, providing users everything from customization
of their webpage to tee shirts that says, “Tom is NOT my friend”. Tom is the co-founder of MyS-
pace and is a pre-configured friend for every user.96

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United States - Internet Culture

In December 2007, there were 364.2 million Internet users in U.S.116, making up almost 40.2% of
the entire American population. Half of all Americans have broadband connections at home, chang-
ing the face of online interactivity115. Internet users engage in a wide range of activities such as
working on blogs or webpages, remixing digital content and re-posting it online, sharing something
online created by the user (artwork, photos, stories, or videos), or obtaining information to aid in
decision making about purchases. There is also active participation in various online forums as peo-
ple with shared interests or problems gather to chat or collaborate.

The United States has the highest individualism score in Geert Hofstede research. Citizens of the
country are known to value freedom of speech and expression. There is equality between societal
levels of government, organizations and families. As the American has a lower level of uncertainty
avoidance in their culture, it is not overly concerned with controlling all outcomes and results, but
rather tolerant towards new ideas, thoughts, and beliefs.

Blogging
27% of Americans read blogs on a regular basis. The age group with higher blog readership ranges
from 18 – 24 year olds. Widely read blogs discuss issues ranging from technology, business, enter-
tainment, politics, gossip to parenthood. Recent trends saw social software tools like blogs and pod-
casts becoming an integrated part of mainstream media outlets. With the Internet and digital devices
as new distribution channels for news & information on a global level at relatively low cost, the av-
erage citizen with a voice can be heard overnight.

The CyWorld Story

CyWorld, founded by Mr Young Joon Hyung in July 1999, is the first social networking site in the
world and is developed in South Korea. The word, ‘Cy’, refers to “cyber” and when translated
loosely in Korean, means relationships. Mr Hyung had envisioned to be a site that builds relation-
ships in the virtual realm. As of September 2005, the membership figures showed that 90% of the
all Koreans in their 20s and around 25% of S.Korea’s population are registered with CyWorld72.
Furthermore, CyWorld ‘clicked in’ on average 20 million unique visitors to their social networking
site each month54.

The proliferation of CyWorld has changed the way Koreans interact with their friends and also,
their Internet usage patterns. This trend is highly visible amongst the younger generation. Other
than creating a lifestyle revolution, CyWorld managed to reap an outstandingly healthy profit of
around USD$150,000 per day via its micro-transactions54. CyWorld’s business model and healthy
operations led to a takeover by media conglomerate SK Telecommunications in 2003.

Cyworld's business plan is built upon the idea of creating your personal homepage or virtual home,
affectionately known as “Minihompy” (Appendix A). This enabled CyWorld users to not only man-
age their “profile”, but also their “identity”, the way they want people from both their internal and
external social circle to view them. In fact, it is the minihompy that attracts its users to revisit their
page frequently. The minihompy is fully customizable with wallpapers, furniture, background music

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etc, and acts as user’s virtual home. On top of having these unique personalization options that the
minihomphy offers, common social networking features, such as message boards, personal photo
gallery etc, are also found on CyWorld.

What drive the Cyworld business is the sales of their virtual currency called “Dotori” or “Acorn”.
Acorns are used to purchase “items” for the furnishing of the minihomphy. Currently for USD$1,
you can get 10 Acorns and the market price for “items” range from around 2 Acorns to for a wall
painting, 5 Acorns for a background song and around 20 Acorns for a fully furnished room. On av-
erage, users around 20 – 25 years old spend about 500 Acorns a day to decorate their ‘virtual
homes’113.

The sales of virtual currency for the purchase of virtual items are known as microtransctions. Cur-
rently, 35% of the company's revenue is derived from digital song sales and 40% from selling digi-
tal wallpaper53. Compared to other major SNS, such as MySpace and Facebook, advertising does
not account for a large part of the business model mix. However, CyWorld offers “HappyClicks”, a
service that allows users to put ads on their minihomphy and be rewarded with Acorns. CyWorld
benefited from its current business model because its low reliance on advertising made sure that it
was providing a service for members of its site instead of the advertisers. This enabled CyWorld to
better attend to a single group of customers who were the members of the site.

Over the years, CyWorld has grown beyond the function of social networking and evolved into a
site that enables celebrities and companies to reach out to fans and consumers respectively. For ex-
ample, Korean celebrities have been known to use CyWorld to connect with their fans by setting up
a minihomphy and posting details of their upcoming tours and works. Companies, to reach out to
customers about product launches and events etc, have also used CyWorld. The main difference in
using traditional media and SNS to reach out to consumers is the interactivity in the form of com-
munication. This two-way conversation is apparent in the immediate feedback a company can re-
ceive and also, the immediate addressing of issue users brings up. The creation and engagement of a
conversation between consumers and corporations is made possible with Web 2.0 and SNS is defi-
nitely a channel that Korean corporations are exploiting.

Some security issues that have surfaced thus far is that, currently, only those with a Korean social
security number are able to create a minihomphy on CyWorld's Korea server. The main issue is the
concern with a difference in user experience between CyWorld Korean and CyWorld everywhere
else in the world. This experience is the ability to engage in the purchase of a wide variety of digital
goods available on the Korean server and the level of modification left for the user is reduced. De-
spite this flaw, with its well-established SNS business and its flaming success, Cyworld decided to
expand its operations beyond Korea and started their move into United States, China, Japan, Tai-
wan, Vietnam and Germany.

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South Korea - Internet Culture

South Korea is a homogenous and relatively small country known for its rich culture and heritage.
Along with the rising success of S.Korean international conglomerates and proactive government,
S.Korea’s capital, Seoul has become one of the worlds’ most advanced and wired cities in the
world.

With more than 7.7 million27 households hooked up to the Internet with high-speed broadband con-
nections, Koreans are currently spending an average of 11.5 hours in front of their computers. They
have made a name in the cyber-gaming industry, and are extremely active on the Internet surfing,
shopping, blogging, downloading music and movies etc. They are also highly engaged in online
communities such as CyWorld and OhmyNews. The latter57 is an online newspaper powerhouse
serving the Korean netizens who are passionate about expressing their views on politics and Inter-
net technology. This is a user created news website with citizen journalists in Korea and also 100
other countries submitting their own articles, contributing to the site’s content. Exhibit B shows the
varying focal interests of OhmyNews since its establishment in 2002.

Other than leisure related activities, Koreans are also making use of online platforms for activities
such as trading, banking and other financial activities. Amongst these online activities, social net-
working takes up the major portion of the time spent online, where meeting, dating and entertaining
people online has become a social norm. Majority of the Koreans who has the highest activity rates
range from 6 to 29 years old with men leading the usage rate.

Blogging
According to Edelman’s press release on Korean blogosphere60, South Korea has an estimated 7
million active bloggers and over 20 million people participating in social networks such as Cy-
World. Technology was cited as the top reason for blogging. Other areas of interests include poli-
tics, sports, recreation, photography, culture, cuisine, art, social activities, celebrities and travel.
Some examples of blogs reflecting various interests can be found in Exhibit C. Korean bloggers
comes from various backgrounds, some living in the country and some living outside the country.
Some bloggers have labels below each post and RSS feeds, but most of them do not provide track-
back links and this is possibly because they are still mostly using plain html and not CSS +
XHTML.

The Edelman's third annual Stakeholder Study59 revealed that, “the on-line media is now exactly
equal in trust to newspapers at 41% in Korea”. The blogosphere appears to have significant influ-
ence on what the locals think, considering that people between ages 18 and 24 are likely to read
blogs almost four days per week and almost half of this age group read blogs every day. However,
the language is a barrier to index Korean blogs in Technorati, despite the enormous size of the Ko-
rean blogosphere.

Search Engine - Naver

Naver is a locally developed search engine, making it the most popular search portal in Korea be-
cause of its ability to enable search queries in the Korean language. One of Naver’s features (which
was replicated by other Western search engines such as Google and Yahoo), “Knowledge Search”,

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is an information sharing tool where users actively participate to answer others users’ questions and
award points to users who provide the best answers. The entire database is made up of user’s con-
tributions to these questions and answers, which explains why the locals would only want to use
Naver because it is the only search engine that can return results of quality content in the language
they are most familiar with.

Mobile
S.Korea’s mobile penetration rate is one of the highest in the world as well, with over 80% of the
country’s population owning at least one mobile phone. Huge mobile conglomerates such as
Samsung and LG, and the strong nationalistic culture of Koreans to support local goods can account
for this phenomenon. Usage purpose of mobile phones has gone beyond making calls and SMSes
for the Koreans. One just has to hop on the subway of Seoul to experience the mobile lifestyle Ko-
reans lead. Watching live TV, engaging in multi player online gaming and surfing the Internet are
just some of the activities from the list that digital multimedia broadcasting (DMB) has brought to
the users in Korea. The development of DMB and its activities are triggered by advent of larger
memory storage devices along with well-constructed infrastructure that enables high-speed transfer
of large amounts of data.

Germany - Internet Culture

Within the European Union, Germany is the most populated country, with over 82 million people
residing in the country107. Germany has a number of larger cities such as Berlin, Hamburg and Mu-
nich. German is the official language in Germany, with other immigrant languages like Turkish,
Polish, the Balkan languages and Russian. Their language is culturally unique to them, with minori-
ties of words derived from Latin, Greek, French, and English.

Social Networking Sites

61% of the German population uses the internet104 with more than 10 million DSL customers in
Germany. In 2007, MySpace Germany attracted 3.7 million unique visitors, capturing 11%100 of the
total German Internet audience and 24.6% of the social networking market. The next leading social
networking site with a slice of the pie, StudioVZ, had 3.1 million unique visitors. There are several
other popular sites such as Jux.de, Piczo.com and Stayfriends.de which are popular in Germany.
The success of MySpace in Europe illustrated that developing local languages sites and pages was
important for securing traffic, especially since there are many countries such as Belgium, United
Kingdom, Poland, Italy and France within Europe.

Blogging
The German blogosphere is rather underdeveloped. 85% of Germans never read blogs, according to
results of the Edelman Omnibus Blog Study that was conducted on 1000 Germans. Elite blogs were
interested in technology, personal diaries, media, popular culture, or politics. However, ties within
the blogosphere are tightly knit, where there have been cases of bloggers coming together to protect
their fellow bloggers who have been criticized by companies. In addition, bloggers actively post
comments on others’ blogs, as opposed to non-bloggers who seldom leave comments.

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CyWorld’s Entrance & Failure in Germany

SK Telecommunications felt that the Korean market was beginning to witness saturation in the so-
cial media scene and there was waning interest in Cyworld’s services. Aforementioned, Cyworld.kr
has over 20 million members, which translate to 40% of the population already being a member of
the website54. Market saturation was also why it had its recent expansion into China in 2004, United
States and Japan in 2005, as well as Taiwan and Vietnam earlier in the same year. Although still in
the early stages of these foreign expansions, the sites in these Asian countries are already showing
promising results, thus inspiring CyWorld to move into Europe.

As with almost all business plans a set of well drawn strategies would help drive the business and
turn it into a profitable one. For Cyworld, it needed to understand how to build a community, know
how to monetize the service, be aware of users’ value in the service and recognize the driving factor
that will keep the Germans interested. After considerable planning, in July 2006 Cyworld signed a
deal with Germany's T-online a subsidiary of Germany's Deutsche Telekom and introduced "Cy-
world Europe GmbH” in which the Cyworld invested 5.1 billion won for a 50.2% stake34. The deal
marked Cyworld’s first debut in the European social media market. Cyworld also made a decision
to launch its European expansion first in Germany then to the rest of Europe because Germany had
the most advanced Internet infrastructure and user market amongst all other European countries.

Shockingly, the buzz surrounding Cyworld's entrance into Europe has hardly settled down when it
unfortunately announced that it would close its European unit due to sluggish prospects caused by
strong regional competitors. These competitors whom already have a strong footing and following
amongst Europeans include StudiVZ and Skyrock. These existing competitors also drove the cost of
entry high as more advertising and overhead cost was needed, thus increasing the overall operation
costs. Since the profits of the European market were not up to par, Cyworld felt that there was little
use in trying to wrestle a share of the social media pie and would rather focus its efforts on its more
profitable subsidiaries. Not to mention, there was also added pressure from global players like
MySpace that made it almost impossible for Cyworld to set up shop and stay profitable. Beyond the
profitability issue, the main underlying reason for Cyworld’s failure in Europe as quoted from Lee
Chang-young, an analyst at Tongyang Securities was that, “Cyworld failed to overcome the lan-
guage and culture barriers". This same sentiment is echoed widely across other business analyst and
observers as well.

The company said that the closure of the European branch also marked a time for it to review and
consolidate its businesses. Some plans being considered include expanding investments in emerging
markets such as Taiwan and Vietnam, while refurbishing its Japanese website to attract Japanese
enthusiastic about Korean pop culture. As for Vietnam and Taiwan, CyWorld executives felt that
the popularity of Korean TV stars in these countries can make it possible for further expansion.

Although Cyworld suffered a setback in its expansion plans into Europe, it must be noted that its
other foreign operations, especially those in the Asian region have taken root in the local market and
are beginning to experience growth in those regions. Moreover, various attempts from other Korean
Internet firms like Naver (the largest online portal in Korea) have always planned for a Japanese-
language search service but the plan never took off. Other Korean Internet firms have also faced

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such setbacks and so far very few or almost none has managed to transport its business beyond the
shores of Korea successfully.

Cyworld, in addressing the issue of a pullout from Europe, said that this mistake made it realize that
it might have better opportunities by not altering its business strategy to accommodate to a domestic
market but instead, focus on the platform and the license approach towards the global business. The
expansion of the domestic service requires understanding of cultural gap and investment in the in-
frastructure, which more often than not, is easier said than done. Therefore, Cyworld will now focus
on the export of platform, application and know-how, other than the service itself. Particularly, it
intends to cooperate with major companies in the world to cooperate in the license business.

The Big Culture Question

There has been a lot of buzz surrounding Western countries bringing their business models into
Asian markets, making adaptations and improvement to accomplish a better fit between the origin
social networking concepts and local environment. This is also where the outcome of creating a
successful business model to meet the needs of the market is extremely good or an absolute failure,
highly subject to cross-cultural differences. For example, mutual understanding and agreement with
“shaking hands” means that an agreement is reached in Western countries, but it does not necessar-
ily mean the same in Asian countries where relationship and trust need to be cultivated before busi-
ness negotiations can even commence.

Hofstede’s assessment of cultural dimensions111 is a useful tool to interpret the behaviour of socie-
ties by national groupings that are persistent over time. Korea scores relatively high on uncertainty
avoidance, and they attempt to control everything so as to reduce ambiguity. Change is not readily
accepted. Koreans belong to a collectivist society where people value commitment in a group. The
Germans are only slightly less risk averse as compared to the Koreans; they are more willing to ac-
cept change and consider new ideas. Ties between individuals in the German society are loose be-
cause people do not place a very high value in groups, but rather on themselves and/or their imme-
diate family. The culture values and reinforces the importance of the individual as opposed to the
group. The Germans also take a long-term orientation, in contrast to the Koreans who are associated
with having respect for tradition, fulfilling social obligations, and protecting one's 'face'. With
MySpace recently launched in Korea, a cultural comparison graph of South Korea and Germany
(Exhibit D) can give some insights into the focus of the original MySpace business model and the
cultural values of Korea.

Benjamin Joffee, Founder and CEO of +8*, quoted “…in addition to the language barrier, limited
media coverage, clichés and worldviews were getting in the way of foreign companies benefiting
from the tremendous amount of innovation taking place there.”. The population’s experience with
online services, the existing IT infrastructure, trust-based information, digital life models vs. pure
advertising models and existing competition are weighty business decisions, which revolve around
what do users ultimately value in the online service.

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MySpace going Head-On with CyWorld in Korea

On a webmaster forum61 discussing the launch of MySpace Korea, a particular individual by the
username GrendelKhan TSU expressed that the social networking site is not as impressive as com-
pared to CyWorld. Features such as the “minilog”, email system, stationary and “fancy stamps” of-
fer no unique value to its users. He argued that CyWorld is likely to be dominant because its users
connect to each other in the same language and are already used to the user interface and localized
content. To him, MySpace is merely a platform for people to set up their profile in English.

Chosan Ilbo62, one of the most influential daily newspapers in Korea, published an article on for-
eign services achieving little success in South Korea. In general, Korean users are rather inclined
towards local services and offering. Two bloggers pointed out that the MySpace site was not user-
friendly or interesting in contrast to CyWorld. The debate goes on as to whether overseas web serv-
ices really understand the markets they are entering and provide well-tailored products those online
users can really appreciate. The existence of a market leader e.g. CyWorld may indicate some lim-
ited rewards of going after the same segment of high-tech and digital creative people.

Jackson West on Gigagom63, an online news read, emphasized that CyWorld offers Koreans a pri-
vate realm of their own, in which close family and friends can “visit”, which can be determined by
level of accessibility to profile. In contrast, Westerners do not see a similar need to do so or express
themselves through text; they already have that private space in their own bedrooms at home. MyS-
pace’s profile is a one-page stop, unlike CyWorld, which has many visually attractive pages.

Other more technically inclined bloggers recognize that MySpace wants to establish a presence in
Korea with the objective of increased contribution to its OpenSocial-compatible platform. The Ko-
rean version of MySpace is not much different from its U.S. parents, and users can easily turn to
other sources such as Pandora TV and Daum to communicate with one another.

MySpace has 22 versions tailored for specific countries, on top of the US and UK, and also offers
additional versions for French Canadians, and three languages for Switzerland.

Conclusion
There is no success formula in business and definitely not one in the young SNS industry. However,
from the CyWorld success and failure cases in two different parts of the world, it remains for users
to analyze and decipher what actually works and determine what does not. According to the indus-
try environment analysis using Porter’s 5 forces (APPENDIX E), we learn that a company can find
it’s niche and create value for themselves in other ways in addition to catering to users’ needs.
Nonetheless, local culture affects taste and preferences, and also accounts for habits and rationality
behind the users’ internet habits. Successfully integrating the tailored services to cater to these in-
tangible sublime needs of the locals plays a huge part in the development of the SNS in the new
country. With all these in plan, we shall wait and see what becomes of MySpace in time to come.

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Exhibit A – Screenshot of a minihomphy

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Exhibit B – Focal interest of OhmyNews

Citizens strived to achieve participatory democracy through the Internet and this
2002
caused changes in the presidential election then.

"Bloggers" was selected as the "word of the year" by many media. People want to
2004
know Internet and personal media.

Web 2.0 was introduced and OhmyNews was seen as a platform to interpret this
2005
technology

2006 User-generated content produced by netizens

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Exhibit C – Screenshots of popular Korean blogs (in

English)

http://www.koreacrunch.com

http://www.kimelee.com/

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http://mykoreankitchen.com/

http://hotspotkorea.blogspot.com/

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Exhibit D – Comparison of S.Korea & Germany’s

Hofstede’s Index

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Exhibit E – Porter’s 5 Forces Analysis of the SNS

Industry

Low capital
400 Social networking sites Potential Free access to distribution channels
High international industry growth Entrants No need for sales force
Low switching cost Low product differentiation
Low IP rights
Low exit barriers

Suppliers
Industry Buyers
Competitors (end users)

Low/no profits
Open Social (Application Programmers)
Low product differentiation
Advertisers
Low switching cost
Server Providers
No middle channels

VOIP (Skype/Pfingo)
Threat of
IM (MSN/AIM)
Substitutes
Youtube
Constantly new ideas
Integration

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