Two Upstart Social Network Sites Sell for Millions

via Vote Me Cool

The Husband & Wife Team of two new, small Social Networking sites Showhype and Ballhype, have sold them both for $3 Million dollars!

Showhype was established in October 2007 for people who love blogging about Celebrities and Ballhype in April of 2007 for Sports Fanatics Bloggers, were both acquired by the Media group Future US.

Users submit the latest stories found on Blogs or in the Mainstream Media, then vote them up until they hit the Homepage.

I say this was one of the most INTELLIGENT business moves in Web 2.0 this year!

A similar transaction took place in the Fall of 2007, when the Entertainment Social Networking site Dotspotter (The Insider) sold for $10 Million dollars to CBS after its inception of less than one year.

These recent Social Media successes are the result of focusing on developing your product instead of trying to destroy your competitors.

I predict other possible mega buyouts of three additional extremely Popular Networking sites Global Grind, eVIPLIST and The Urban Blogger by perhaps a corporation such as B.E.T. or Google within the near future.

Great Job to the former owners of Showhype & Ballhype and Dotspotter!

~ by streetknowledge on July 21, 2008.