The Wharton School of Business has an article series on Social Media going.  One of the big questions they are looking into is how to value social media:

While the social networking sites vary considerably, each relies heavily on content provided by users who can post personal profiles and build networks among friends and others with shared interests. For the most part, these users have free access and the sites are funded with advertising revenue. To lure advertisers, young sites typically offer deep discounts that make profitability elusive, and it is unclear when they will be able to push ad rates higher, if ever.

Is the value in the content there or the eyeballs drawn to the content, or both?  And do current CPM and CPC models cover them?  Open questions for the moment.  The one people aren't asking though is how the people who use social media can leverage their collective power.  The answer is Qumana.

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