Americans currently spend over $51 Billion annually on their pets, which isup from $41 Billion in 2000, and double the expenditure just a decade ago.Proven to be recession-proof, the market is expected to grow to $57 billionin 2010, and accelerate exponentially between 2010 and 2012, as the economyimproves. This explosive growth is mirrored in the social networking space,which has grown dramatically in the last five years, resulting in the saleof former start-ups like MySpace.com for $580 million on less than $5million in annual revenues. In 2007, Microsoft valued Facebook, now theworld’s largest social networking site with over 150 million users, at $15Billion, reflecting the unrivaled market potential of this unique space.
Although industry titans like MySpace and Facebook currently have broadappeal to users from various demographics, these social networking sitesinitially built user base around a demographic niche: MySpace focused onmusic artists and their fans, while Facebook served college and universitystudents looking to connect.
Understanding past and current market trends, Social Media Venturesdevelops unique social networking sites targeted to meet the needs andinterests of a niche demographic — such as teenagers, pet owners, etc. Itsflagship site, PetsPlaces.com, is a provider of social networking servicesfor pet owners. The site enables pet owners to create online profiles,share photos and experiences, and interact with fellow pet enthusiastsworldwide.
Robert W. Thayer, CEO of Social Media Ventures, stated: “PetsPlaces.com isa great social network for pet owners. By targeting a proven market likethe rapidly growing pet market with the proven social and market phenomenonof social networking, PetsPlaces.com is positioned to capitalize on bothmarkets, growing its user base and advertising substantially over the midto long terms.”
About Social Media Ventures, Inc.
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