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A recent estimate by eMarketer concerning the advertising spending on social networks has the figure at $2 billion by 2010.

In 2007 the ad spending on social network sites is projected to explode to $865 million up from the 2006 figure of $350 million.

Sites like MySpace will remain the most popular accounting for 60% of all US online social networking ad spending in 2007. MySpace, which has 125,632,282 users, is the largest of the social networking sites.

Competing sites like Facebook and Piczo have 7,700,000 and 10,000,000 respectively. The trend towards growth on the social networking sites continues.

This is something advertisers cannot afford to ignore. With the estimates of advertising spending increasing in 2007 it is reasonable to believe that by 2010 the advertising dollars would easily meet the prediction of $2 billion.

With a steady increase in interest in the social networking scene, it makes sense that advertisers would flock to the sites with the most buzz and popularity.

Another reason advertisers are becoming increasingly interested in social networking sites could be the findings by the Online Publishers Association.

In a study called "A Day in the Life: An Ethnographic Study of Media" found that avid internet users spent more money on purchases per year than fans of TV.

On the international front eMarketer estimates that spending in 2007 on worldwide social networks will reach $1.1 billion.

Author of the eMarketer study Debra Williamson said "The longer existing social networks take to develop adequate ROI metrics, the bigger the opening for a next generation of networks that are built from the ground up to accommodate advertising"

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This is good news for the advertisers and good news for the social networking sites but will it be good news for the users of these sites?

Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.