ITV gets a £60m poke in the side from social networking

ITV has come under flak for its management of the one-time social network of choice Friends Reunited.

Friends Reunited, bought by ITV for £120m in 2005, has seen users decline from a peak of 5.5 million last year to 1.7 million in December.

ITV has fallen victim to more successful sites such as MySpace and Facebook. Web “experts” have criticised ITV for not keeping up with these rival sites – sites that will, no doubt, come under attack from the same critics for not keeping pace with Twitter, which will…

The result of all this is that ITV faces selling Friends Reunited at a £60m loss.

Downtime really has to wonder why it is Web 2.0 technologies are always assumed to be at the beginning of their arcs of success. A better lesson for investors might be: if you or anybody else wants to buy it, it is already dead.