Can social networking sites use their humongous traffic to create sustainable revenue models ?

Yes. By morphing features of other online models which have established revenue models. And it looks like that's what (News Corp owned) Myspace.com has decided to do. Starting by extending into online auction sites for revenues - by letting their 'members' buy from / sell to each other - a la the eBay module.

Not surprisingly, the News Corp. "think tank" which has come up with this idea, is reportedly partnering with online auction company eBay. (By the way, this is sure to sour Myspace's reported deal with eBay rival Google !)

With more web-sites extending themselves to adapt features from other successful online revenue models, can we predict a 'new convergence' of web-site functionality?

F&B Ads Targetted @ Kids
For some time now, legislators worldwide have been expressing concern about unhealthy food. And their mass advertising on television, especially those targetted at children.

New York City has decreed that starting from April 2007, fast food outlets should not do their cooking in trans fat (hydrogenated vegetable oils, which are harmful for human health).

A new French law is soon expected to force food marketers to add pre-defined health messages to their ads. (Or pay-up 1.5% of their annual ad budgets for funding research on healthy food.)

And U.K. Media Regulator Ofcom has proposed regulation to restrict food & beverage ads on TV for Children below 16 years of age. (The U.K. TV Industry stands to lose an estimated @ £22.6 million p.a. - which may explain why the proposal is still lingering in the "Consultation" stage.)

Going Mobile
Now to the mobile front. CBS TV Network has just announced its Mobile Division - CBS Interactive, to take the its properties mobile.

While Disney's ESPN TV Network re-launched its Mobile ESPN, this time through U.S. mobile operator Verizon. (abandoning its plan to build its own stand-alone mobile brand).

The print medium is not to be left behind! Hearst Magazines' Seventeen, Cosmopolitan & Cosmo Girl are launching free, ad-supported cellphone sites with "Lust Lessons" & a "Bedroom Blogs". (No less!)

And social networking giant MySpace is entering the European mobile arena with Vodafone. (Now you can access & update MySpace pages from Vodafone mobile phones). More Make-up, Less Close-ups !
The new High Definition (HD) TV format is known for extreme clarity. In fact, it is so clear that the U.S. pornography industry is facing problems! Porn business, which is widely acknowledged as the first adaptors of new technology, have discovered that HD TV highlights imperfections in stars!

A case for more make-up, less close-ups ?