An addendum to the previous post: If the social networking space is indeed saturated, it just got a little more so. Viacom has announced it could launch what seems like a "me too" social network this year that will target young people.
In doing this, the company can leverage other assets in its media empire such as MTV and have a natural advantage in appealing to younger generations (at least more so than one might think Fox could). But it could be a day late.
Read about it here.