Social Networking - Friendster and Facebook

A Web site that provides a virtual community for people interested in a particular subject or just to "hang out" together. Members create their own online "profile" with biographical data, pictures, likes, dislikes and any other information they choose to post. They communicate with each other by voice, chat, instant message, videoconference and blogs, and the service typically provides a way for members to contact friends of other members.

Sites may also serve as a vehicle for meeting in person. The "social networking site" is the 21st century "virtual community," a group of people who use the Internet to communicate with each other about anything and everything. One can find dating sites, friendship sites, sites with a business purpose and hybrids that offer a combination of these. Globally, hundreds of millions of people have joined one or more social networking sites.

In the Beginning of Social Networking

Introduced in 2002, Friendster http://www.answers.com/main/Record2?a=NR&url=http://www.friendster.com) was the first social site, followed by MySpace http://www.answers.com/main/Record2?a=NR&url=http://www.myspace.com) a year later. Started by two friends, MySpace became extremely popular, and its parent company, Intermix, was acquired by News Corporation for $580 million two years after MySpace was launched.

Facebook http://www.answers.com/main/Record2?a=NR&url=http://www.facebook.com) came out in 2004 initially targeting college students, but later welcoming everyone (see Facebook). Following Facebook were TagWorld http://www.answers.com/main/Record2?a=NR&url=http://www.tagworld.com) and Tagged http://www.answers.com/main/Record2?a=NR&url=http://www.tagged.com). TagWorld introduced tools for creating more personalized Web pages, and Tagged introduced the concept of building tag teams for teens with like interests.
Social networking sites compete for attention much like the first Web portals when the Internet exploded onto the scene in the mid-1990s. Variations are emerging all the time.

Source: http://www.answers.com/topic/social-networking-site