Spending on social network websites such as MySpace and Facebook is set to grow by 147 per cent next year, a marketing analyst claims.

Global advertising spending on social networks is set to reach $445 million (£233 million) this year and $1.13 billion (£590 million) in 2007, eMarketer’s latest report on the subject claims.

“The numbers speak for themselves,” said report author Debra Williamson.

“Projected growth in ad spending on social networking sites of 147 per cent in 2007 shows that marketers are enthusiastic about the space.”

Ms Williamson said she believes that MySpace will be the dominant site for ad spending, in the US at least, for some time, followed by Facebook, Bebo and Piczo.

She also told marketers to be aware of niche networks that are also likely to get millions of dollars in ad spend as advertisers realise the potential of targeted sites.

News Corporation owns MySpace, the same firm which controls the Times, the Sun, the New York Post and Fox channels amongst others, highlighting how large firms see the potential for such sites.ADNFCR-8000151-ID-17899014-ADNFCR

Related Topics: General Marketing