If social networking is so great why are there so many disasters?

ITV caught a massive financial cold when it sold Friends Reunited (£150 million loss).

News International’s purchase of MySpace doesn’t look that brilliant (laying off 30% of its workforce in June 2009) and now we learn that AOL is about to throw in the towel (and write-off $850 million) and give up on Bebo, its teen social networking site.

The one thing you can say for certain about social networking is that it is a great way of burning money, unless of course you are the founders and find some corporate mug to buy your company before it hits the buffer. Dick Stroud