Social Media Leaders Meet in Switzerland

The Los Angeles Times reports that the heads of the major social media sites are meeting at a conference in Davos, Switzerland to discuss ways to monetize the incredible popularity of social media tools. According to the report, top executives from Facebook, Twitter, MySpace and LinkedIn met with world leaders at the World Economic Summit to share their experiences and try to help other businesses become successful while using social networking tools.

However, this meeting comes at a time when many social media networks themselves are struggling with ways to make money off of their own success.

“What’s important for them is to become indispensable to consumers,” said Augie Ray, a senior analyst for social computing with Forrester Research Inc.

“For Facebook, one of the interesting things is the value of advertising that is super relevant and also increasingly involves the preferences and actions of your friends,” he said.

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