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Real Competition for MySpace?

Boot Camp feature for Thursday, August 24, 2006

Some real competition for MySpace? Bloomberg Boot Camp, a report on today's technology. It's an online social network site that has attracted about 20 million users in South Korea, China and Japan. Now, Cyworld is invading the U.S. The head of the American business for the company is Henry Chon….

"It is a social services network so anyone that's been on any of our other competitors is probably very familiar with it. We have sections where you can upload photos, you can listen to music that's streaming, we are working with the labels on that. And we have other places where you can enter text and keep your journals."

The site sells wallpaper and other items for personalizing virtual homes…another name for peronsal Web sites. There will also be a mobile phone component and eventually, says Chon, global communication. Can he take young people away from MySpace?

"We find that a lot of our target users tend to use multiple social networking services. So we don't think that it's necessarily us taking people away from other sites. It's more adding our service as a nice alternative to other services they already use. And it's our hope that by doing that and by seeing the value of our service people will use our service as a primary service rather than others. But we don't think we are taking people away from others rather just adding our service to the portfolio of services that they use."

You can find more information at US.cyworld.com. Bloomberg Boot Camp, I'm Fred Fishkin.