Popular social network MySpace might soon take classifieds advertising to a new level. Apparently, the company is going to expand its classifieds efforts. It's also toying with the idea of allowing the site's users to swap and sell items to each other, according to the company's recent presentation at a Merrill Lynch conference.
Effectively, MySpace will compete with eBay, newspapers and sites like Craigslist.com and CareerBuilder.com, offering job classifieds. This is happening just as newspapers have managed to get a somewhat solid grip on the classifieds market, which was, for a while, slipping away from them and going to online-only outfits.
I think MySpace can be a formidable competitor in classifieds. I already know people who use their online social networks when looking for jobs.
Microsoft, which just unveiled its own social marketplace, Expo, also believes that this is a promising market. And a site like MySpace, where lots of people go daily to blog and to read others' blogs, might have a much better shot at succeeeding in social commerce than specialized commerce sites like Expo.
Could classifieds turn out to be the way to monetize on social networking sites? I think that's quite possible.