Hitwise: MySpace leads social networks but Facebook is growing faster

MySpace remains the king of the social networks with a nearly 72% market share, but close competitor Facebook isn’t giving up. According to a new report from Hitwise, US consumers continue to choose MySpace over other social nets but the trend is beginning to change. MySpace shows -6% growth from June 2007 through June 2008 which Facebook showed 40% year over year (YoY) growth. Hitwise reports that Facebook has a 16% market share.

by Kristina Knight

Facebook isn’t the fastest growing social network, however. MyYearbook.com (318% growth YoY) and Tagged (45% YoY growth). Bebo, meanwhile, dropped 41% YoY.

But to get the most from your social marketing campaign, the report finds that marketers need to focus their campaigns on the summer months. Hitwise researchers have found that summer time visits to social networks increase nearly 40%. This is likely because teens and young adults are the primary social network visitors and the summer months mean no school to take up kids’ time.

Exactly how much time is being spent with social networks? MySpace users spend an average of 30 minutes on-site each time they visit, Facebook users spend about 21 minutes on-site and MyYearbook users spend about 30 minutes on-site. Tagged.com (24 minutes on-site) and Bebo (30 minutes on-site) round out the top five.