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Social networking not working??

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Okay, I've just barely gotten my feet wet in some serious social networking attempts and I stumble onto the following article:

Five reasons social networking doesn't work

By Molly Wood, section editor, CNET.com
Thursday, June 2, 2005

The word on the street lately is that social networking is in trouble. Friendster's CEO, Scott Sassa (most famous for firing a blogger who wrote about the company) recently departed in the face of a rapidly dwindling user base. Friendster has also introduced its own for-pay blogging tool as an all-too-ironic money-making scheme. Business networking site LinkedIn started charging for its job listings. Meanwhile, the recent launch of the Yahoo 360 beta has the blogosphere speculating that Friendster, the pioneer, is already on its deathbed.

Read in its entirety: The Buzz Report: Five reasons social networking doesn't work - CNET.com

What do those of you who are well-versed in social networking make of this? Is it failing?? Thanks!
 
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