The Business Web 2.0
As CEO of business-based social networking site WeCanDo.BIZ, read my take on the role Web 2.0 technologies can play helping businesses to grow.
Wednesday 12 November 2008, 8:21 AM
Recession? What recession? XING proves social networks can work
Hamburg-based XING increases members by 53 per cent, doubles profits.
It continues to be the case that while some of the more fashionable social networks like Facebook and Twitter continue to talk of only growth and that revenue is unimportant for them, the "first Web 2.0 to go public", business focused socnet XING, is proving that such businesses can show validity -- even in uncertain economic times.
Its latest set of results released yesterday saw membership grow 53% over the past year 12 months to 6.53 million, over half a million of which are paying subscribers.
Revenues for the first nine months of the year topped 25 million Euros, already exceeding the total for 2007 by 28%. Good news on profits too, which are already double 2007 figures at 4.72 million Euros.
This news contrasts with privately held competitor LinkedIn's announcement that it is to lay-off 10% of its workforce made just a week ago.
I often blog on the clear out that could well happen in the Web 2.0 world as those with no valid business model get "found out" and I often get criticised for lack of vision. XING's performance proves that such businesses can be valid if they chase real world objectives. Whereas XING is not the best known network, it is proving to be one of the most sound.
Ian Hendry
CEO, WeCanDo.BIZ
http://www.wecando.biz
It continues to be the case that while some of the more fashionable social networks like Facebook and Twitter continue to talk of only growth and that revenue is unimportant for them, the "first Web 2.0 to go public", business focused socnet XING, is proving that such businesses can show validity -- even in uncertain economic times.
Its latest set of results released yesterday saw membership grow 53% over the past year 12 months to 6.53 million, over half a million of which are paying subscribers.
Revenues for the first nine months of the year topped 25 million Euros, already exceeding the total for 2007 by 28%. Good news on profits too, which are already double 2007 figures at 4.72 million Euros.
This news contrasts with privately held competitor LinkedIn's announcement that it is to lay-off 10% of its workforce made just a week ago.
I often blog on the clear out that could well happen in the Web 2.0 world as those with no valid business model get "found out" and I often get criticised for lack of vision. XING's performance proves that such businesses can be valid if they chase real world objectives. Whereas XING is not the best known network, it is proving to be one of the most sound.
Ian Hendry
CEO, WeCanDo.BIZ
http://www.wecando.biz
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