Ad spending on social networking increasing rapidly

Advertisers in the US will be spending $900 million on social networks this year, a significant jump from $350 million last year. According to research by eMarketer in it's report, Social Network Marketing: Where to Next?, ad spending on social networks will increase by 180% to $2.5 billion between 2007 and 2011. According to Debra Aho Williamson, a senior analyst and author of the report, MySpace and Facebook will continue to be the leaders, accounting for 72% of all revenue in the category.