The hugely popular MySpace social networking site now owned by media baron Rupert Murdoch is the target of AOL's upcoming service, AIMSpace. Last month MySpace had more than 32 million unique visitors. This is a market tailor-made for the Canadian investment industry and many pundits, myself included, have long promoted the importance of community building on the Internet. Flickr is one Canadian company that got it right although they may have left too much on the table when they sold the company to Yahoo last year.

Read Newsweek's story on the social networking scene here.