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The idea that online social networks will get money advertising eyeballs (advertising) or products is missing the entire cost proposition of a social network. The real opportunity is within harnessing the rich data that is created by those participating in conversations and interacting with every one other. I recently finished several study on two amazing social networks in the healthcare space Sermo and PatientsLike Me ! that seems to obtain figured this out.
The model itself is not complex; both communities commercialize their cost of affiliation data by aggregating and anonymizing it, and after that finding third parties that benefit from, and are willing to pay in support of the rich data created by the group of people. In the case of these healthcare communities, the third parties are pharmaceuticals, insurance companies, and financial services firms. Both companies do this in a completely transparent way that is clear to users. Unlike the traditional advertising model, the conversations and interactions create the value, not the number of members. If you think about traditional Web metrics such as hits or unique visitors as a measure of achievement, neither Sermo nor PatientsLikeMe would rank very high.
Now to Facebook ! often balked at in support of its $10-$15 billion estimated valuation, and derided for its failure with the Beacon advertising platform the social network has yet to identify a solid business model. The company recently announced a small analytic feature that presents aggregated, anonymous user data that may in detail be very valuable to companies. The Facebook Lexicon launched with little fanfare, but effectively allows users to chart buzz or the viral popularity of various conditions (warning: This very cool tool has the possible to impede labor productivity).