It has been very apparent to everyone that there has been explosive growth in social networking sites such as FaceBook and MySpace. In fact, studies have shown a 350%+ growth in MySpace alone in the past year.

Some people are afraid of the potential negative impact these sites may have on our children whereas social scientists and others see it as a beneficial aspect of today’s society. Also applauding the rise of social networking are online marketers who have struck a proverbial goldmine for selling their wares.

While being a fun endeavor, using these social networking sites, the online marketers also are able to meet business contacts, new customers, old friends and even meeting new friends interested in the same things as they are. All the while, making a good profit on the side.

MySpace has lorded it over the other social networking sites both in the United States and in the United Kingdom (where there are 2.3 million users). With an estimated 13 thousand new users everyday, there are probably around 5 million MySpace members by end of this year in UK alone.

Google’s $900 million investment in MySpace just last year just for the setting up of Google advertising and search facility on the site speaks well of the economic potentials of MySpace.

MySpace and YouTube are both showing their power as an advertising medium buy either hosting live debates or hosting 2008 US Presidential hopefuls’ web profiles online. CNN was working with YouTube to air live questions from YouTube users to the candidates as they were on CNN debating.

Even though it seems like there is no limit to the growth of sites like Youtube and MySpace, it is always good to keep your eyes open for other start-ups that could just be a month or two away from the explosive growth of the other giants in the industry. More focused networking sites like GibLink could become the desired areas for likeminded people to gather and communicate.

The Internet is an open space of ideas and of sites that are operated by people who invest in them. Those who are meeting big opportunities at MySpace now are the very people who were with MySpace from its inception. You, too, can have this chance if you dare look at other sites. Who knows, it may be worth your time.