Generating revenues out of the traffic they get is one waterloo of both social networking sites Facebook and MySpace. Facebook’s take on the online advertising market via a self-serving graphical banner ads was not quiet successful that it wanted it to be. Now, MySpace wants to take the same path as well, with its own self-service banner ad system called MyAds.
Hoping to attract small businesses in creating their own display ads, MyAds utilizes almost the same system as Google’s auction system for placing targeted ads that matches user interests. MySpace hopes to monetize the 56 billion banners displayed by MySpace each month to make them more valuable.
Jeff Berman, president of MySpace’s sales and marketing told AdWeek that “We think the sky’s the limit on this.”
“No one has done this kind of self-service for display as well and simply as Google has done for text quite clearly. Part of it is making it really simple … and enabling users to leverage pre-produced templates or use their own,” said Berman.
Bernan also said that MySpace has already tested the self-service ad system to some 3,000 advertisers and result were pretty much successful, hence MySpace is pushing the system to the public. With MySpace’s massive monthly site traffic, it would be interesting to know how MySpace ads would perform in the online advertising world. Would it be as successful as Google’s search advertising program? We would like to see how this will go and whether MySpace would be more successful in monetizing its site traffic than Facebook did.