The site is not short of any features. It has an article base (where users can themselves submit their articles), forums, photo gallery, journal space, wiki space, chat, reviews and even text messaging (sms) for free from the site. Without doing any sort of advertising 6 random people have signed up for the site. What mainly needs to be done is to get the forum going, getting people to know about this site and letting them know what they could use this for. Once the forum gets going and a critical mass of users have been formed, revenue will flow.
Your question perhaps is why would they use this if there is MySpace, Student.com etc. I think if you give this a unique flavor, there is no reason why teens would not use it. MySpace may do everything this this site does, but MySpace's primary goal may be different...users of MySpace may be using MySpace for something in particular that MySpace is strong on. Instead of competing with such websites, you could well just complement it by specialzing in a different aspect relevant to teens.
Of course, I am open for more discussion, but these were my initial thoughts...