Facebook to outshine MySpace in ad revenue very soon

According to a recent report conducted on social networks, it seems that the popular social networking site Facebook will outshine MySpace in terms of advertising revenue in the next year. The projections that were released some time ago expect MySpace to rake in $490 million in 2009 for worldwide advertising revenue. However the site is estimated to experience a 21% decrease in advertising in 2010 by bringing in only $385 million.

On the other hand, Facebook’s worldwide advertising spending for 2009 is said to reach $435 million and in 2010 the social networking site is expected to gain a 39% boost, bringing in $605 million. This will put Facebook ahead of MySpace and make it the top social networking site in terms of ad revenue.

The report stated that ad spending on Facebook was rapidly increasing while that on MySpace was tumbling. It also stated that the current strong performance of Facebook is increasing the business concerning paid social network advertising. The growth of the site in the latter half of 2009 has been the main cause for the change on the forecast.

A number of marketers are now funnelling their money to Facebook as the network is continuously racking up big traffic and membership numbers. The social networking site now has more than 350 million users, which is an increase from the 200 million users it had in April 2009.