WEBPRONEWS -- Apr 23 -- MediaPost reports on an In-Stat report that says the honeymoon is over for social networks. "They need to start generating revenue now or bow out of the race, according to a new report from In-Stat. She encouraged social networks to get down to business by using the demographic information they've already collected to attract advertisers looking for a particular target. Ad spending on social networks this year is expected to total $865 million, according to eMarketer. MySpace is promised the bulk of that spend to the tune of $525m, while its myriad rivals (Facebook, Bebo, Friendster) will fight over ~$200 million. "The notion of creating a MySpace ad profile page and collecting friends was popular in 2006 but will likely give way this year, as users tire of collecting 'friends,'" said Williamson. Meanwhile, Wired reports that schools are embracing social networks for students to congregate, discuss and learn. See elgg.org. FULL ARTICLE @ WEBPRONEWS