Soc Nets Ahead. Wear Hard Hat.

Jonah Bloom of Ad Age sees falling debris on the MyFaceSpace horizon.

Facebook and MySpace will have the longest lines of advertisers looking to get into their clubs in 2008. Of course, as those advertisers pay their admission fees and filter in, there’ll be more Beacon-backlash-type tales and plenty of grumbling from the natives. Gated communities, with subscription or premium-service business models, will pop up offering better online living without the nasty ad riff-raff. Still, the leading social networks already have the scale to record rapid ad revenue growth this year. The question is whether they’ll grow fast enough to persuade all the VCs to stand by the thousands of Web 2.0 businesses that are also seeking ads as their major source of income. They can’t all be winners — marketing money moves more slowly than venture capital, if it moves at all — and there’ll be a host of implosions.