Start-up looks to solve social networking ad problem
Web 2.0
23 June 2008
New company SocialMedia Networks is aiming to provide the answer to the problem of how advertisers can make the most of social networking websites.
The start-up is expected to reveal a social banner product that targets website users with the most influence over their friends and sends them advertising messages in the hope of these influencers persuading others to buy the marketed product or service.
SocialMedia Networks will unveil an algorithm similar to Google's PageRank, called FriendRank, which examines people's use of applications on sites such as MySpace and Facebook and works out which of their friends are the most important.
"We're trying to make ads suck less in social networks," SocialMedia Networks founder Seth Goldstein told CNET News.com.
"FriendRank basically helps us choose which friends to put in the ad."
Earlier this month, research by eMarketer suggested that spending on social network advertising in the UK will grow to £115 million this year. 
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