Is There a Role for MySpace-Type Social Networks in Business?

An assortment of businesses are examining whether social networks should be part of an online strategy, much in the same way that blogs, instant messaging and other applications are tools to improve communication and collaboration. And some initiatives hold promise that social networks may not be a fad.
Interest in social networks has been attributed, in part, to News Corp. CEO Rupert Murdoch's decision last year to purchase MySpace for $580m, followed by Facebook's move to blow open its network to a wider audience.
"MySpace and Facebook, with all the investment capital and publicity, have helped to legitimize social networks and left businesses wondering how they can use social networking technologies to their advantage," says Rich Lyons, a Chicago-based consultant working with several clients on enterprise social network initiatives.
Source: Baseline, http://www.baselinemag.com