Reuters The Latest To Want Its Own MySpace
from the first-second-life,-now-MySpace dept
We've seen plenty of examples of companies seeking to build their own versions of MySpace, and for the most part they inevitably end in failure. The latest company to announce something like this is Reuters, which says it will launch a MySpace for financial professionals later this year. The site will be a place for people to share research and trading strategies. It won't be the first attempt to do something like this, however. There are already sites that are trying to merge social networking with stock picking, with varying degrees of success. The idea of creating a site that offers a structured way for people to share research with each other isn't necessarily a bad idea, but the company seems to be shooting itself in the foot. Pitching it as something akin to MySpace isn't likely to make it very attractive to professionals. And the site will only be open to subscribers of Reuters' services, although the company is spinning this as a good thing. As CEO Tom Glocer put it, "People don't want to have 100 friend requests from teenage girls in Florida if they are trading the credit derivatives market, but they probably are interested in being able to share research." It's probably safe to say that this wouldn't be as much of a problem as he imagines.