I was just pointed out this article by the Web 2.0 LinkedIn Community. It basically says that social media ventures will make no money, and be bought by other new start-ups which are trying to increase the utility of the web (location based servides and payment systems), that they dub web 3.0
The comparison with the glorious era of railways development has often been made, and yet it is useful to say it again: social media is basically a new kind of infrastructure that shortens distances and time between people (just as the railways did).
In the end, there will only be a handfull of social media companies around and they will regroup most social media vehicles (blogging, microblogging, video, presentations, podcasts, virtual, …).
We are learning to « travel » in these new infrastructure and maybe some of the frenzy about blogging or microblogging can be compared to what happened to former generations when they discovered railways, cars or the telephone. I am happy to be part of the frenzy and more than thankful to Facebook and its likes.
I do not agree that money will not be made. But even more importantly, a huge value is just being created, a value that might be difficult to evaluate from only a short-time financial point of view. Strange that Fortune should appear to be this shortsighted.