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Cy1world.com is for sale. Check out the article below if you never heard of CYworld. Please PM offers
Cyworld US, the American version of the popular Korean social networking site, just launched a public beta.
UPDATE: it just went behind a private beta wall again - luckily, I grabbed some screenshots (below). (There are larger images here and here).
Having used the Korean version of Cyworld in the past, I can attest that itâs a fascinating place. In essence, itâs a closed social network with some blog-like features and its own internal economy. Each user has a âmini-hompyâ - a pixelled room that can be decorated with furniture, wallpaper and other items. All these items must be paid for in Cyworldâs virtual currency, dotori (Korean for âacornâ). If I remember correctly, users can buy virtual currency using their cellphones, or purchase vouchers in real-world shops. Users can also buy each other gifts. There is a huge amount of pressure to be popular and have the best hompy. Unsurprisingly, this has turned Cyworld into an enviable money-making machine - in September 2005, BusinessWeek reported that the company was making â$12.5 million on sales of $110.4 millionâ. Itâs a high stakes game.
Judging by the information on the site, Cyworld US will be virtually the same as the original Cyworld - the mini-hompy has become a âmini-roomâ, but the premise remains the same.
So how will Cyworld stack up against MySpace? Well, I get the sense that the demographic will be much younger than that of MySpace, perhaps more of a rival to Habbo Hotel, the popular pixelated pre-teen hangout. And while MySpace allows you to integrate external services into your page, Cyworld is a closed platform that charges for most additional items. Clearly, this is a very different model to most US social networks, and seemingly at odds with the openness proposed by Web 2.0 and new media advocates.
But it may prove more successful than the US networks in one crucial aspect: profitability. Monetizing social networks is a tough challenge, and the internal economy may be a real bonus for Cyworld. Whatâs more, by targeting the youngest possible demographic, Cyworld has a good excuse to keep the system closed (it could claim to be protecting its young users from the outside world).
Cyworld is money-driven and sickeningly commercial. Some geeks simply wonât âget itâ, in the same way they donât fully comprehend MySpace and Facebook. Nonetheless, I think thereâs a HUGE amount of money to be made here, and Cyworld is seizing that opportunity. Iâll be interested to see how this one unfolds.
Cyworld US, the American version of the popular Korean social networking site, just launched a public beta.
UPDATE: it just went behind a private beta wall again - luckily, I grabbed some screenshots (below). (There are larger images here and here).
Having used the Korean version of Cyworld in the past, I can attest that itâs a fascinating place. In essence, itâs a closed social network with some blog-like features and its own internal economy. Each user has a âmini-hompyâ - a pixelled room that can be decorated with furniture, wallpaper and other items. All these items must be paid for in Cyworldâs virtual currency, dotori (Korean for âacornâ). If I remember correctly, users can buy virtual currency using their cellphones, or purchase vouchers in real-world shops. Users can also buy each other gifts. There is a huge amount of pressure to be popular and have the best hompy. Unsurprisingly, this has turned Cyworld into an enviable money-making machine - in September 2005, BusinessWeek reported that the company was making â$12.5 million on sales of $110.4 millionâ. Itâs a high stakes game.
Judging by the information on the site, Cyworld US will be virtually the same as the original Cyworld - the mini-hompy has become a âmini-roomâ, but the premise remains the same.
So how will Cyworld stack up against MySpace? Well, I get the sense that the demographic will be much younger than that of MySpace, perhaps more of a rival to Habbo Hotel, the popular pixelated pre-teen hangout. And while MySpace allows you to integrate external services into your page, Cyworld is a closed platform that charges for most additional items. Clearly, this is a very different model to most US social networks, and seemingly at odds with the openness proposed by Web 2.0 and new media advocates.
But it may prove more successful than the US networks in one crucial aspect: profitability. Monetizing social networks is a tough challenge, and the internal economy may be a real bonus for Cyworld. Whatâs more, by targeting the youngest possible demographic, Cyworld has a good excuse to keep the system closed (it could claim to be protecting its young users from the outside world).
Cyworld is money-driven and sickeningly commercial. Some geeks simply wonât âget itâ, in the same way they donât fully comprehend MySpace and Facebook. Nonetheless, I think thereâs a HUGE amount of money to be made here, and Cyworld is seizing that opportunity. Iâll be interested to see how this one unfolds.
