Madison Avenue still has to find its way to social media, and it will not happen soon

Last week, CNET’s Caroline McCarthy wrote about eMarketer’s data about ad spending on social media sites.

According to eMarketer, the share of social networks such as Facebook and MySpace, was only 5.5% of the total digital ad spending in 2009. That’s slightly more than in 2008, and it’s indeed a bit surprising when listening to both the intentions from marketers and from the social networks themselves.

Especially if you look at how the Facebook’s and MySpace’s of this world try to convince advertisers to spend on their networks. Is it a coincidence that recently Facebook announced it will take care of its own advertising business? 

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MySpace CEO Owen Van Natta leaves after only 12 months

Yesterday evening MySpace announced that Owen Van Natta, MySpace’s CEO leaves the company.

He will be replaced immediately by newly-promoted co-presidents Mike Jones and Jason Hirschhorn.

Van Natta joined MySpace to lead a fresh management team to pick up the fight against Facebook, the company Van Natta had been an executive at.

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