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Watch out Facebook, MySpace is still king

Regardless of which social network you prefer, MySpace might be in more trouble than you think

Just one year ago, most talk of social networking revolved around MySpace, with many speculating that it would revolutionise the internet. Since then, much attention has turned to Facebook and its seemingly relentless drive to supplant MySpace once and for all as the world's most popular social network.

However, unfortunately for Facebook, which started out as a haven for college kids and quickly became a place where anyone can hang out, it'll need to wait a little longer.

Leader of the pack

According to figures published on Thursday by Hitwise, MySpace is still commanding the social networking scene with a gargantuan 72.3 per cent market share as of December 2007. Compare that to Facebook's 16 per cent over the same period and it looks like the latter has substantial work to do just to catch up.

Of course, the story doesn't quite end there. MySpace witnessed a 7.6 per cent drop in members since December 2006, most likely losing many of them to Facebook. Hitwise is reporting that Facebook enjoyed a 5.4 per cent increase during the same timeframe.

So it doesn't look as though Facebook will be able to take the crown of the world's most popular social network just yet, but if MySpace's market share continues to decline, it might come sooner than you think.