MOL purchased Friendster.com for at least U$ 100 million .
I know a businessman in Kuching. He loved publicity. Whenever there was an opportunity he would want to be in the local newspaper. He would even pay the reporter to make sure his pictures were newspaper the next day. He was call a cheap skate. What he really did was to promote himself. Over time more and more people wanted to promote themselves too and the newspapers became very selective. Our friend had to pay more and even then his pictures were no more in the best column and page.
Nowadays we have many means of promoting ourselves. One such method is through social networking: an important tool for social interaction of making of new friends and maintaining relationship with of old acquaintances.
Social networking can be done through the internet. There are many such networking Medias such as Fraudster, Face book my space and many others. Friendster used to be very popular but now declined in popularity . It has over 90 000 members and 90% of its users are in Asia (mainly from the Philippine).
The NST Dec 10 2009 reported that “ Malaysia’s MOL Global will buy US social-networking service provider Friendster Inc.
MOL Global Ltd expects to generate US$110 million in annual revenue from the takeover, chief executive officer Ganesh Kumar Bangah told reporters in Kuala Lumpur after the signing ceremony today “
How much was Friendster bought for? According to FT Com. it has been purchased by MOL for at least US $100 (http://www.ft.com/cms/s/0/b79fb0fa-e578-11de-81b4-00144feab49a.html?nclick_check=1) .
The NST continues “In 2003, Friendster pioneered social networking, and today is a leading web site in Asia, with over 75 million registered users and over 90 percent of daily traffic coming from the region. Asian youths have embraced Friendster and use it as their primary means of connecting to and keeping in touch with friends, self-expression, sharing content and news with friends, and as a source of entertainment. Friendster users also enjoy local music, gifting, photo sharing, online games, and using Friendster on their mobile devices. All of these are incorporated in Friendster’s product suite and will be further developed over time with MOL, specifically with Asian youths in mind.
Friendster recently launched a new brand and web site packed with new features representing a significant milestone in the company’s history and further signifying the company’s evolution to focus on the Asian youth market. The notable changes include a new fun-centric brand, and a redesigned web site with a focus on local relevance, fun and simplicity. “
Congratulation to MOL. MOL’s principal shareholder is Vincent Tan of Berjaya , who owns south-east Asian franchises of “ Starbucks, 7-Eleven, Borders, Krispy Kreme, Wendy’s and Papa John’s Pizza.”
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